The stock market today witnessed a positive trend following the global market cues on the US Fed rate cut buzz. The Indian stock market ended higher for the sixth straight session on Thursday, with the Nifty 50 index adding 41 points and closing at 24,811. The BSE Sensex finished 147 points higher at 81,053, while the Bank Nifty index went up 300 points and ended at 50,985. In the broad market, the Small-cap index gained 0.47 per cent, while the Mid-cap index outperformed the frontline indices by logging an intraday rise of 0.67 per cent.
Looking at the trade setup for Friday, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, mentioned, „The short-term trend of Nifty continues to be positive amidst range movement. A decisive move from here is expected to pull Nifty towards the new all-time high of 25,100 soon. Immediate support for Nifty today is at 24,680.“ Dhupesh Dhameja, Technical Analyst at SAMCO Securities, added, „On the daily chart, the index has broken out of its previous trading range with a gap, indicating a strong bullish breakout.“
All eyes are now on US Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium. Investors are eagerly awaiting hints on interest rate cuts, with hopes running high for a rate cut in the September meeting, followed by more cuts in subsequent meets. Siddhartha Khemka, Head of Retail Research at Motilal Oswal, stated, „The market is likely to consolidate in the near term, with sectorial rotation and stock-specific action coming into play.“
In terms of stocks to buy today, experts Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, recommended five stocks: Aarti Pharmalabs, Balu Forge, RCF, NLC India, and NCC.
Sumeet Bagadia’s recommended stocks include Aarti Pharmalabs, currently trading at ₹666.40, with a target of ₹700 and a stop loss at ₹642. Balu Forge, trading at ₹648.30, has a target of ₹685 and a stop loss at ₹625. Ganesh Dongre’s picks are NLC India, with a buy at ₹274, target at ₹290, and stop loss at ₹264; RCF, buy at ₹203, target at ₹215, stop loss at ₹294; and NCC, buy at ₹321, target at ₹335, stop loss at ₹313.
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