![Top Stock Picks: Sagar Doshi Recommends Laurus Labs, Balrampur Chini, and Hindalco 1 Stock market](https://sharepriceindia.com/wp-content/uploads/2023/09/Stock-marrket-.jpg)
Stock Market News: On Wednesday, the Sensex and Nifty 50 hit record highs at the opening, thanks to the ongoing rise of Maruti Suzuki. However, financial stocks fell, causing the indices to lose their initial gains.
For the second day in a row, both indices opened at record highs, rising about 0.1% each. Since June, the Nifty 50 has hit record closing highs 16 times in 27 sessions. By 9:20 AM IST, the benchmarks had given back their early gains, trading down by 0.15% to 0.2%.
Market Outlook: Dr. V K Vijayakumar from Geojit Financial Services credits the global rally and strong individual investor inflows for India’s current bull market. The S&P 500 has gained 17.6% year-to-date (YTD) compared to the Nifty 50’s 12.38% YTD return. Retail investor inflows are strong, with SIP inflows reaching ₹21,262 crores in June. These factors could stabilize the market despite current low value comfort.
Nifty 50 Analysis: According to Sagar Doshi from Nuvama, the Nifty 50 hasn’t closed below the previous day’s low since June 4th. The index has been in a steady upward trend for five weeks, closing above its targets of 24,300 and 24,400. Further upside targets are 24,580 and 24,840, with support at just below 24,200.
Bank Nifty Analysis: The Bank Nifty is struggling near the 53,000 zone and is underperforming compared to the Nifty 50. It may retest 52,000/51,700, with support at 51,600. A fresh downtrend could start if it closes below 51,600.
Top Stock Recommendations by Sagar Doshi:
- Laurus Labs Ltd (Buy)
- Current Price: ₹480
- Stop Loss: ₹460
- Target Price: ₹525
- Reason: The stock has broken out of a long-term resistance trendline with strong volume. Last week, it saw a 12% gain, the highest in a year, indicating strong accumulation.
- Balrampur Chini Mills Ltd (Buy)
- Current Price: ₹431
- Stop Loss: ₹409
- Target Price: ₹470
- Reason: The stock has taken support at its 21-day moving average with increased trading volume, suggesting an 8-10% price rise in the next few sessions.
- Hindalco Industries Ltd (Buy)
- Current Price: ₹707
- Stop Loss: ₹683
- Target Price: ₹755
- Reason: The stock has broken out of its consolidation range and closed above ₹705, indicating potential for an 8-10% price rise from the current level.
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.