Stock Market Struggle: Nifty 50 & Sensex Slip Despite HDFC Bank Surge – Rupak De’s F&O Picks in Focus

On Monday, the Indian stock market saw a mixed performance with both the Nifty 50 and Sensex giving up their early gains. The Nifty 50 dropped 0.26% to 24,790.30, while the Sensex fell 0.24% to 81,040.47. Early gains were lost due to profit-booking, despite a post-results rally in HDFC Bank. Analysts pointed out that this week’s focus will be on quarterly financial results and the continued involvement of foreign institutional investors (FIIs), who still hold short positions in the index futures market.

According to Rupak De, Senior Technical Analyst at LKP Securities, the Bank Nifty shows optimism with potential for a rally if it breaks above 52,100, with key support at 51,700. Meanwhile, Nifty 50 may gain momentum if it surpasses the 24,900 resistance level.

De recommends buying the following stocks:

• ICICI Bank: Buy around ₹1,260 with targets of ₹1,300-1,340 and a stop loss at ₹1,224. The stock has broken out of its recent high, indicating a positive trend.
• Hindalco: Buy around ₹750 with a target of ₹784 and stop loss at ₹734, following strong momentum after a breakout.
• Usha Martin: Buy around ₹430 with a target of ₹450 and stop loss at ₹419. The stock has broken out of a consolidation pattern, signaling a potential upward move.

This strategy could benefit traders looking for gains amid fluctuating market conditions.