The Indian stock market has been on a winning streak, closing higher for the sixth day in a row on Thursday. The Nifty 50 index gained 41 points, closing at 24,811, while the BSE Sensex went up by 147 points to finish at 81,053. The Bank Nifty index also saw a boost, rising 300 points to end at 50,985. In the broader market, the Small-cap index grew by 0.47%, and the Mid-cap index outperformed with a 0.67% increase.
Sumeet Bagadia’s Stock Picks:
Sumeet Bagadia, Executive Director at Choice Broking, suggests that the Nifty 50 index is facing resistance between 24,800 and 24,850. If it can break through this range, it might reach 25,000 soon. The index has strong support at 24,500 and immediate support at 24,650. Bagadia expects the market to stay positive, especially with the upcoming speech from US Fed Chairman Jerome Powell. He recommends focusing on specific breakout stocks for intraday trading.
Stocks to Consider Buying Today:
- Morepen Laboratories: Buy at ₹78.30, target ₹82.50, stop loss ₹75.50.
- RBL Bank: Buy at ₹1298, target ₹1365, stop loss ₹1250.
- Kalyan Jewellers: Buy at ₹602.75, target ₹630, stop loss ₹577.
- Sutlej Textiles: Buy at ₹73.75, target ₹77.50, stop loss ₹70.75.
- Rane Engine: Buy at ₹569, target ₹595, stop loss ₹545.
Market Outlook:
Bagadia predicts that the Nifty 50 index will likely continue its range-bound to positive trend ahead of Jerome Powell’s speech at the Jackson Hole Symposium. Global markets, including India, are eagerly awaiting any hints about a possible US Fed rate cut, which could influence market trends further.
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.
