The Indian stock market continues to show remarkable resilience, closing higher for the fourth consecutive session on Thursday. Fueled by positive trends in global markets, the Nifty 50 index climbed by 414 points, finishing at 23,851. Meanwhile, the BSE Sensex experienced an impressive surge of 1508 points, closing at 78,553, and the Bank Nifty index rose by 1172 points, ending at 54,290. This week has been particularly noteworthy, as the Nifty achieved a 4.48% rise, marking its most significant weekly increase since the week ending February 5, 2021.
Sector Performance and Broader Market Trends
All sectoral indices ended positively, with significant contributions from the Nifty Bank, Financial Services, PSU Banks, and Pharma sectors. However, the broader market indices did not perform as robustly, with the Nifty Midcap 100 and Nifty Smallcap 100 indices rising modestly by 0.60% and 0.37%, respectively. The advance-decline ratio on the BSE remained favorable for the fourth consecutive day, standing at 1.59, indicating that more shares advanced than declined.
Expert Insights on Market Trends
When discussing the current outlook for the Indian stock market, Vishnu Kant Upadhyay, AVP – Research & Advisory at Master Capital Services, noted, "The ongoing uptrend, supported by strong volumes and a solid Relative Strength Index (RSI), demonstrates significant underlying momentum. A strategy of buying during market dips appears to be prudent."
In his analysis of the Nifty 50, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, pointed out that the weekly chart displayed a long bullish candle with a gap opening. This pattern, combined with the formation of consecutive bullish candles over the past two weeks, suggests a bullish breakaway gap. The next resistance levels to monitor are around 24,550, with immediate support at 23,600.
Focusing on the Bank Nifty, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta, highlighted that the index has successfully breached the crucial trend line resistance at 52,800. He emphasized that this breakout zone now serves as immediate support, and as long as it holds, the index could potentially rise towards 54,500–55,000. He advises traders to consider a "buy on dips" strategy.
Top Stock Picks Under ₹100
Market analysts have identified several promising stocks to consider under ₹100. Notable recommendations include:
- Balaji Telefilms: Buy at ₹82.48, Target ₹88.50, Stop Loss ₹79.50
- Reliance Power: Buy at ₹42.10, Target ₹44.50, Stop Loss ₹41
- GMR Airports: Buy at ₹86.50, Target ₹89, Stop Loss ₹85
- Yes Bank: Buy at ₹18, Target ₹19.80, Stop Loss ₹17.10
- NFL: Buy at ₹84 to ₹85, Targets ₹68, ₹70, and ₹74, Stop Loss ₹82
- IOB: Buy at ₹36.70, Target ₹38.40, Stop Loss ₹35.70
This diverse selection of stocks provides investors with various opportunities to explore, especially in a robust market environment. Always remember to conduct thorough research before making investment decisions.
