Stock Market Update: What to Expect for Nifty 50 and Top Stocks to Buy or Sell on September 3

The Indian stock market continued its upward trend for the 13th straight session, despite mixed signals from Asian and European markets. On Monday, the Nifty 50 gained 37 points to close at 25,273, while the Sensex rose by 194 points to 82,559. The Bank Nifty also saw a slight increase, finishing 71 points higher at 51,422. However, trading volumes on the NSE were relatively low, and the market’s broader indices ended slightly negative.

What to Watch for Today

Nifty 50 Outlook: Nagaraj Shetti from HDFC Securities notes that the short-term trend for Nifty remains positive. However, Nifty is facing resistance around the 25,350 mark. A significant move above 25,400 could push the index to 25,800. Immediate support is at 25,100.

Bank Nifty Outlook: Hrishikesh Yedve of Asit C Mehta suggests that as long as Bank Nifty stays above 51,000, it’s wise to buy on dips. The index could rally to 51,800-52,000.

Global Market Influences

Prashanth Tapse of Mehta Equities points out that while some indices are hitting record highs, others are cooling off, indicating that the market may be losing momentum. The upcoming US jobs data could significantly influence market direction, particularly in relation to interest rate decisions by the US Federal Reserve.

Top Stock Picks for Today

Sumeet Bagadia’s Picks:

Thangamayil Jewellery: Buy at ₹2,227, target ₹2,345, stop loss ₹2,145.

• The stock is showing strong bullish momentum, breaking past key resistance levels.

Patanjali Foods: Buy at ₹1,969, target ₹2,070, stop loss ₹1,899.

• The stock is forming higher highs and lows, suggesting a continued upward trend.

Ganesh Dongre’s Picks:

Balkrishna Industries: Buy at ₹2,895, target ₹2,995, stop loss ₹2,850.

• A price-action reversal indicates further upward momentum.

ONGC: Buy at ₹326, target ₹345, stop loss ₹320.

• A bullish reversal pattern suggests a rise towards ₹345.

Wipro: Buy at ₹532, target ₹555, stop loss ₹508.

• A breakout at ₹532 and rising RSI signal an upward trend.

These stock recommendations are based on technical analysis and current market trends, providing potential opportunities for traders and investors in the short term.