In a recent trading session, India’s key stock indices, the Sensex and Nifty 50, experienced an upward trend, buoyed by foreign investments and robust performances from major companies. This positive movement coincided with the expiration of monthly derivative contracts, leading to a 0.45% rise in the Nifty 50, which closed at 23,591.95. Meanwhile, the BSE Sensex climbed 0.41%, finishing at 77,606.43.

Market Overview

Initially, both indices faced a slight dip of 0.2% at the open but quickly rebounded during a fluctuating trading day, following the announcement by former U.S. President Donald Trump regarding tariffs on auto imports. This announcement seems to have fueled investor interest, leading to the recovery in the domestic markets.

Insights from the Experts

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, provided valuable insights into the market’s trajectory. She noted that the Nifty has established a support level around 23,400, indicating a robust rebound towards the 23,600 mark. Parekh expressed optimism for further gains in the upcoming trading sessions, emphasizing the index’s strong overall bias.

For those interested in the Bank Nifty, Parekh highlighted its resilience, noting that it has found support near the significant 200-period moving average at 51,000. She anticipates that the Bank Nifty will continue its upward trend, targeting levels of 52,600 and 53,800 in the near future.

Stock Recommendations for Today

Parekh has identified three stocks to watch for potential intraday trading:

• SRF: Buy at ₹2,954 with a target of ₹3,050 and a stop-loss at ₹2,900.
• Bajaj Housing Finance: Buy at ₹125, targeting ₹133, with a stop-loss set at ₹120.
• Cyient Ltd: Buy at ₹1,280, aiming for a target of ₹1,320, and a stop-loss of ₹1,260.

Today’s Market Outlook

Looking ahead, Parekh indicated that the Nifty 50 has critical support near the 23,000 mark, with the 50-day Exponential Moving Average (EMA) positioned around 23,100. She believes the index could reach higher targets of 23,800 and 24,200 in the coming days.

For the Bank Nifty, she stressed the importance of maintaining support at the 50,350 level, which aligns with the 100-period moving average. The day’s anticipated support for Bank Nifty is around 51,200, with resistance expected at 52,200.

By keeping an eye on these indicators and expert recommendations, investors can navigate the current market landscape effectively. Whether you’re looking to buy or sell stocks, informed decisions can lead to promising outcomes.