The Indian stock market ended higher on Friday, following strong global market sentiments and renewed US Fed rate cut buzz. The Nifty 50 index finished 396 points higher at the 24,540 mark, the BSE Sensex shot up 1,330 points and closed at 80,436, while the Bank Nifty index gained 788 points and ended at 50,515. In the broad market, the BSE Small-cap index skyrocketed 1.70 per cent, whereas the Mid-cap index shot up 1.80 per cent during Friday deals. All sectors ended in green, with IT and realty being the top gainers with over 2 per cent intraday gains.
Looking ahead to Monday’s trading session, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, provided insights into the outlook for the Nifty. He mentioned, „The recent downside breakout seems to have resulted in a false breakout, and that has turned into a sharp upside bounce on Friday. The next upside is around 24,700, and then 25,000 for the near term. Immediate support is at 24,350.“ On the other hand, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, shared his perspective on the Bank Nifty, stating, „The Bank Nifty index also opened with a gap up and, after some initial volatility, experienced strong buying interest, closing positively at 50,517.“
With the focus on the upcoming US Fed rate cut, Avinash Gorakshkar, Head of Research at Profitmart Securities, highlighted the importance of investors remaining vigilant about the news regarding the Jackson Hole Symposium beginning on Thursday this week. He suggested a range-bound movement on Dalal Street until the US Fed minutes become public, advising investors to maintain a buy-on-dips strategy.
In terms of stock recommendations for the day, experts Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, provided insights into potential buys for intraday trading. Bagadia recommended buying Colgate Palmolive (COLPAL) and Coromandel International, while Dongre suggested Bata India, BPCL, and Hindustan Unilever Ltd (HUL) as potential buys for the day.
It is important to note that the views and recommendations provided by individual analysts or broking companies are not endorsed by Mint. Investors are advised to consult with certified experts before making any investment decisions.
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