The Indian stock market had a slight uptick on Friday, May 31, breaking a trend of losses seen over the past five sessions. Both Sensex and Nifty 50, the key market indices, closed with gains. Sensex rose by 0.10 percent, adding 76 points to reach 73,961.31, while Nifty 50 gained 0.19 percent, adding 42 points to reach 22,530.70. This positive momentum came after a period of uncertainty surrounding the 2024 Lok Sabha elections and other global economic factors.
Market Analysis
Anand Rathi’s Senior Manager of Technical Research, Ganesh Dongre, provided insights into the market outlook. He mentioned that the Nifty is currently in a sideways momentum due to anticipation regarding the election outcome. The Nifty’s support is expected around 22300-22400 levels, with resistance at 23100-23200 levels. Similarly, for Bank Nifty, support is seen at 48000 levels, and resistance at 49500 levels.
Top Stock Picks
For day trading, Dongre recommends three stocks:
- Bharat Electronics Limited (BEL): Buy between ₹290-295 with a target price of ₹330 and stop loss at ₹275.
- Sundaram Fasteners: Buy at ₹1190 with a target price of ₹1350 and stop loss at ₹1120.
- REC Ltd: Buy at ₹535 with a target price of ₹625 and stop loss at ₹490.
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