After three days of losses, the Indian stock market bounced back on Friday, with the Nifty 50 index rising by 104 points to close at 24,854 and the BSE Sensex gaining 218 points to end at 81,224. The Bank Nifty index also surged 805 points, closing at 52,094. Despite this, broader market indices underperformed compared to the Nifty 50.
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, noted that the mood in the Indian stock market has improved since the Nifty 50 closed above 24,850. However, she emphasized that the index needs to break above 25,200 for a stronger positive trend. On the downside, a drop below 24,700 could turn the market sentiment negative again.
Stocks to Buy Today:
- Ambuja Cements: Buy at ₹576, target ₹600, stop loss ₹560.
- Hindustan Copper: Buy at ₹323, target ₹340, stop loss ₹313.
- Cipla: Buy at ₹1,553, target ₹1,590, stop loss ₹1,530.
Market Outlook for Today:
Parekh highlighted that Nifty’s support level is at 24,700, with resistance at 25,000. For Bank Nifty, the daily range is expected to be between 51,700 and 52,700. The 52,500 mark will be key for further upward movement in the coming days.
In conclusion, Parekh’s recommendations focus on these three stocks as potential buys based on technical analysis.
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