Last week, the Indian stock market closed higher for the twelfth day in a row, boosted by strong global markets. This marks the best winning streak for the Nifty 50 index since its launch in 1996. On Friday, the Nifty 50 gained 83 points to close at 25,235, the BSE Sensex rose by 231 points to finish at 82,365, and the Nifty Bank index climbed 198 points to settle at 51,351.
Due to changes in index components, trading volumes on the NSE cash market were about 71% higher than the previous day. Broader market indices outperformed the Nifty, and the advance-decline ratio improved to 1.39:1.
Monday’s Trade Setup:
For the Nifty outlook today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, stated, “The short-term trend for Nifty is still positive, but it might not see a big surge to new highs right now. We might see some consolidation or a small dip around the 25,300 to 25,400 resistance levels. Immediate support for Nifty is at 25,100.”
Regarding Bank Nifty, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, commented, “Bank Nifty started the week strong, maintained its position, and closed positively at 51,351. The index is above the trend line support and remains above the 21-day exponential moving average (DEMA) around 50,950. As long as it stays above 50,950, a ‘buy on dips’ strategy is advisable. The rally could extend to 51,800-52,000 levels.”
Global Markets Today:
On Monday morning, Asian markets mostly followed Wall Street’s rally from Friday. Japan’s Nikkei increased by 1.0%, continuing its 8.7% gain from last week. However, the MSCI Asia-Pacific index outside Japan dipped by 0.1%, while South Korean stocks remained flat. U.S. treasury bonds were not traded due to holidays, but treasury futures moved slightly, with ten-year yields at 3.914% following Friday’s inflation and spending data.
Top 5 Stocks to Buy Today:
According to market experts Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, here are five stocks to consider buying:
Safari Industries:
- Buy at ₹2476.20
- Target: ₹2615
- Stop Loss: ₹2390
Safari is currently trading at ₹2476.20. After a period of consolidation, the stock has broken above its previous resistance of ₹2400, indicating further upside potential to ₹2615. Support is strong at ₹2390.
PNB Housing Finance:
- Buy at ₹977.45
- Target: ₹1030
- Stop Loss: ₹940
PNB Housing Finance shows a positive trend for the coming week with a pattern of higher highs and lows, indicating a potential rise to ₹1030. The stock recently broke a key resistance level, suggesting more gains.
Axis Bank:
- Buy at ₹1175
- Target: ₹1215
- Stop Loss: ₹1145
Axis Bank shows a bullish reversal pattern. The stock is currently supported at ₹1145 and has a potential target of ₹1215, presenting a buying opportunity at the current price of ₹1175.
Balrampur Chini:
- Buy at ₹600
- Target: ₹628
- Stop Loss: ₹580
Balrampur Chini broke out above ₹600, signaling an upward trend. The Relative Strength Index (RSI) is also pointing upwards, indicating strong buying momentum. Traders could consider buying on dips, with a target of ₹628 and a stop loss at ₹580.
Birlasoft:
- Buy at ₹670
- Target: ₹715
- Stop Loss: ₹650
Birlasoft has a bullish reversal pattern, indicating potential growth to ₹715. The stock is holding strong above its support level at ₹650, making it a good buying opportunity at ₹670 with an expected rise to ₹715.
These stocks show potential for gains, making them worth considering for investors looking to buy today.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
