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The Indian stock market, fueled by positive global market sentiment, experienced a strong rebound on Friday, ending a five-day losing streak. The Nifty 50 index reached a new peak, closing at 24,861, marking a significant gain of 428 points. The BSE Sensex also surged, skyrocketing 1,292 points to close at 81,332. This upward momentum was further reinforced by the Bank Nifty index, which finished 407 points higher at 51,295, contributing to the overall positive market sentiment.
Looking ahead to the trading week, analysts have shared their insights on the market's outlook. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, stated that the short-term trend for the Nifty 50 index has turned positive, with the next upside levels to watch at around 25,000 to 25,100 in the near term. He also identified 24,650 as the immediate support level for the Nifty 50. Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, focused on the Bank Nifty index, highlighting its robust recovery in the second half of Friday's trading session after facing pressure earlier. He observed the formation of a bullish belt hold pattern on a daily scale and the successful maintenance of levels above 51,100 every week, indicating strength. Yedve believes that 51,800-52,000 will act as resistance levels for Bank Nifty in the short term.
Monday will witness the release of Q1 results for 2024 from 85 listed companies, including prominent names like Bharat Electronics Ltd (BEL), Adani Total Gas, ACC, Colgate Palmolive India, Hindustan Petroleum Corporation Ltd (HPCL), Indian Bank, Adani Wilmar, KEI Industries, Vedant Fashions, Pfizer, and Arvind. These results will likely influence the market's direction in the coming days. To navigate the market, stock market experts Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, have provided recommendations on five stocks for intraday trading: Ethos, IFB Industries, Samvardhan Motherson, Chambal Fertilisers, and LIC Housing Finance. Bagadia recommends buying Ethos at ₹3311.90 with a target of ₹3450 and a stop loss of ₹3190, citing strong bullish momentum and a recent breakout indicating potential for continued upward movement. He also suggests buying IFB Industries at ₹1840.45, aiming for ₹1930 and setting a stop loss at ₹1777, based on a favorable daily chart analysis and a significant higher high and higher low pattern.
Dongre's recommendations focus on Samvardhan Motherson, Chambal Fertilizers, and LIC Housing Finance. He advises buying Samvardhan Motherson at ₹196, targeting ₹204 and setting a stop loss at ₹190, highlighting a bullish reversal pattern suggesting a potential price retracement. He also suggests buying Chambal Fertilizers at ₹496, with a target of ₹515 and a stop loss of ₹485, attributing the potential upward trend to the formation of a rounding bottom pattern. Finally, Dongre recommends buying LIC Housing Finance at ₹792, aiming for ₹815 and setting a stop loss at ₹778, citing a breakout at the ₹792 level and an increasing buying momentum indicated by the Relative Strength Index. These recommendations are based on technical analysis and expert opinions, but investors should always conduct their own research and consult with financial professionals before making any investment decisions.