On Friday, the Indian stock market closed lower, but banking stocks were in demand. The Nifty 50 index dropped by 32 points, ending at 25,356, while the BSE Sensex fell by 71 points, closing at 82,890. However, the Bank Nifty index gained 165 points, finishing at 51,938. The Small-cap index rose by 0.95%, and the Mid-cap index was up by 0.48%.
Market Outlook
Sumeet Bagadia from Choice Broking believes that the Nifty 50 index will soon rise and target 25,750 to 25,800. He advises investors to buy stocks when the market dips, as support at 25,100 is expected to hold. Bagadia also anticipates a potential shift in the market trend, which might lead to a new bullish phase once the Nifty 50 crosses 25,500.
Top Stock Picks for Monday
IndusInd Bank
- Buy Price: ₹1,464
- Target Price: ₹1,600
- Stop Loss: ₹1,400 IndusInd Bank’s share price is currently at ₹1,464. The stock has recently broken out of a downtrend and is showing strong performance. It has bounced back from support levels and is above important moving averages. The Relative Strength Index (RSI) is at 63.84, indicating a bullish trend. If the stock stays above ₹1,470, it could rise to ₹1,575 and ₹1,600.
Grasim Industries
- Buy Price: ₹2,784.35
- Target Price: ₹3,015
- Stop Loss: ₹2,675 Grasim Industries’ share price is at ₹2,784.35 and remains in an uptrend, making higher highs and lows. The stock has reversed from support levels and is breaking out of a consolidation range. The RSI is at 60.09, showing bullish momentum. If Grasim stays above ₹2,800, it could rise to ₹3,015.
Tata Steel
- Buy Price: ₹153.49
- Target Price: ₹168
- Stop Loss: ₹146.50 Tata Steel’s share price is currently ₹153.49. After a recent drop, the stock is showing signs of recovery, breaking out of a downtrend with increased trading volumes. The RSI is at 50.24, suggesting a potential for buyers to enter. If Tata Steel stays above ₹156.50, it could move up to ₹168.
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