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The Indian stock market ended higher for the third straight session on Friday last week, buoyed by the dovish commentary by the RBI and a hike in the FY25 GDP growth forecast.
The Nifty 50 index gained 468 points and closed at 23,290, whereas the BSE Sensex surged 1618 points and ended at 76,693. The Bank Nifty index finished 511 points higher at 49,803. However, the India VIX Index gained 0.49 percent and finished at 16.88.
The small-cap index ended 2.18 percent higher in the broad market, whereas the mid-cap index finished 1.28 percent.
On the effect of Modi 3.0 on the Indian stock market, Avinash Gorakshkar, Head of Research at Profitmart Securities, said, "The Modi 3.0 government has come in place after the oath ceremony of the Modi cabinet on Sunday evening. As the oath ceremony signals that the government will remain under the stronghold of the BJP, the Indian stock market is expected to take this positively, and we may see the extension of the positive bias on Monday deals."
On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The short-term trend of Nifty continues to be positive. Having reached the overhead resistance of around 23,300 to 23,400 levels, there is a possibility of a minor dip in the market from the highs in the short term, and that could be a buying opportunity. Immediate support for Nifty today is placed at 22,900 levels."
Speaking on the outlook for Bank Nifty today, Rupak De, Senior Technical Analyst at LKP Securities, said, "Bank Nifty has shown bullish momentum, taking support near its 10-day moving average and forming a bullish engulfing candle on the daily chart. It closed near its resistance level, indicating strong buying interest. The key resistance level for Bank Nifty is 50,500, while 49,200 will act as crucial support. This setup suggests the potential for further upward movement if the resistance is breached."
Speaking on the outlook for the Indian stock market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal, said, "Global cues have added to the positivity with European Central Bank announcing interest rate cut by 25 bps for the first time in nearly five years, moving faster than its US and UK counterparts. Now, hopes have revived that the US Fed might cut interest rates in the September meeting based on recent macro data points. Next week, we will focus on allocating key cabinet portfolios such as finance, defence, roads, energy, commerce, and railways. The market will continue to be volatile with upward biasedness."
Speaking on stocks to buy today, stock market experts Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, recommended five stocks to buy or sell on Monday.
Sumeet Bagadia's stocks to buy today:
1] TVS Motor: Buy at ₹2407.65, target ₹2525, stop loss ₹2323.
2] Trent: Buy at ₹4964.60, target ₹5200, stop loss ₹4800.
Ganesh Dongre's buy or sell stocks:
3] Equitas Small Finance Bank: Buy at ₹97.25, target ₹105.30, stop loss ₹93.
4] Sobha: Buy at ₹2086, target ₹2255, stop loss ₹1985.
5] LT Foods: Buy at ₹244.65, target ₹270, stop loss ₹235.