The Indian stock market saw a mixed day of trading on Monday after the stellar performance on Friday. The Nifty 50 index added 31 points and closed at 24,572, while the BSE Sensex ended marginally lower at 80,424. The Bank Nifty index corrected 148 points and finished at 50,368. Despite the frontline indices showing some weakness, the broader market outperformed with the Small-cap index surging 1.33 per cent and the Mid-cap index rising 0.53 per cent.
Looking ahead to Tuesday’s trading session, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, stated that the short-term trend of Nifty remains positive. He mentioned that there might be some consolidation or a minor dip in the next 1-2 sessions before another upside breakout. The immediate support for Nifty today is placed at 24,400. On the other hand, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, highlighted that the Bank Nifty faced profit booking after failing to sustain higher levels. The index closed in the red at 50,368 and could consolidate within the range of 49,650-50,830 until it breaks above the 51,200-51,500 range.
Market experts are closely watching the US Fed minutes ahead of Jerome Powell’s speech at the Jackson Hole Symposium. Avinash Gorakshkar, Head of Research at Profitmart Securities, mentioned that the market is expecting a range-bound movement with a positive bias.
For investors looking for potential stocks to buy today, Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, provided their recommendations.
Sumeet Bagadia recommended buying Wipro at ₹519.75 with a target of ₹560 and a stop loss at ₹500. He also suggested buying Fiem Industries at ₹1418.75 with a target of ₹1485 and a stop loss at ₹1365.
Ganesh Dongre’s stock picks included Kansai Nerolac Paints, Godrej Properties, and Coal India. He recommended buying Kansai Nerolac Paints at ₹295 with a target of ₹305 and a stop loss at ₹290. For Godrej Properties, he advised buying at ₹2930 with a target of ₹3050 and a stop loss at ₹2860. Lastly, he suggested buying Coal India at ₹522 with a target of ₹535 and a stop loss at ₹512.
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