The Indian stock market has been on a winning streak, closing higher for the fourth consecutive day. On Thursday, strong performances in sectors like oil and gas, automotive, fast-moving consumer goods (FMCG), and information technology (IT) propelled the market. The Nifty 50 index surged by 283 points, ending at 23,190, marking its highest close since February 10, 2025. Additionally, the BSE Sensex climbed 899 points to finish at 76,348, while the Bank Nifty gained 360 points, closing at 50,062.
Market Performance Overview
Both mid-cap and small-cap stocks reflected the broader market’s positive momentum, continuing their upward trajectory for the fourth day. Notable movements include:
- Nifty Midcap 100: Increased by 0.64%
- Nifty Smallcap 100: Rose by 0.7%
The overall market displayed a healthy breadth, with advancing stocks outnumbering decliners for the third straight session. The BSE advance-decline ratio was a robust 1.50, suggesting strong market confidence.
Expert Insights on Market Trends
According to Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, the sentiment in the Indian stock market is increasingly bullish. The Nifty 50 has successfully breached the psychologically significant level of 23,000, setting the stage for potential targets of 23,800 and 24,200.
Parekh noted, "The formation of a bullish candle on the Nifty 50 chart signals a decisive move past the 23,000 mark, providing a clear breakout beyond the descending channel pattern. This development indicates robust strength and suggests further upward movement in the days ahead." She emphasized that support now lies around the 22,800 level, with broader markets actively participating in this rally.
Expectations for Bank Nifty and Recommendations
The Bank Nifty also continued its upward trend, closing above 50,000, with expectations of further gains. Parekh anticipates the index may reach targets of 50,900 (200-period moving average) and 51,800 soon, bolstered by frontline banking stocks.
For today’s trading strategy, the Nifty is expected to find support at 23,100 and face resistance at 23,400. The Bank Nifty is projected to fluctuate between 49,600 and 50,600.
Stock Picks for Investors
For those looking for actionable stock recommendations, here are three stocks suggested by Parekh:
- Jindal SAW: Buy at ₹284, target ₹300, stop loss ₹278
- Maruti Suzuki: Buy at ₹11,723, target ₹12,000, stop loss ₹11,600
- HUL: Buy at ₹2,243, target ₹2,400, stop loss ₹2,150
This positive trend in the Indian stock market presents a promising environment for investors. With expert insights and targeted stock recommendations, now may be an opportune time to consider strategic investments.
