The Nifty 50 index surged 1.15%, closing at 22,337.30, successfully reversing its previous losses. Similarly, the Sensex climbed 1.01% to settle at 73,730.23, reflecting a broad-based buying trend across sectors. Meanwhile, the Bank Nifty gained 0.51%, ending the session at 48,489.95, indicating a moderate recovery in banking stocks.
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The market was led by strong sectorial performances, with most sectors ending in the green. The metal sector emerged as the top performer, surging 4.04%, followed by public sector enterprises (PSE), which gained 3.28%. The media sector also witnessed a significant uptrend, rising 3.14%, while energy stocks climbed 2.84%. Public sector banks (PSU banks) registered a strong 3% gain, contributing to the overall bullish sentiment.
On the other hand, the finance sector remained flat, closing with a marginal 0.10% gain. Apart from this, all other sectors performed well, adding to the positive momentum in the market.
Among the top performers in the Nifty 50, Adani Ports led the rally with a strong gain of 5.18%, followed closely by Tata Steel, which surged 4.85%. Adani Enterprises also saw a robust uptick of 4.71%, while Mahindra & Mahindra (M&M) added 4.33%, contributing to the market’s overall strength.
Among laggards, Bajaj Finance declined the most, shedding 3.35%, followed by IndusInd Bank, which slipped 1.59%. HDFC Bank also closed in the red, down by 1.17%, as financial stocks underperformed compared to other sectors.
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Indian stock market outlook
Nifty moved 1.15% higher today, with maximum open interest (OI) still at 22,000 PE (support) and 22,500 CE (resistance).
- On the hourly chart, Nifty has formed a base near 22,000.
- Fibonacci retracement from 23,800 (recent swing high):
-22,400 is the first key resistance.
-22,674 marks the 38% retracement level, acting as a crucial hurdle.
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Expiry Watch
- Bulls need a close above 22,674 to gain momentum.
- Until then, bears might remain active, using resistance levels to sell.
- Keep 22,400 & 22,674 in focus for expiry trades.
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Three stocks to buy, as recommended by Ankush Bajaj:
Tata Steel: Buy at ₹146 | Target ₹154-157| Stop loss ₹139
The stock is showing bullish momentum and is trading above multiple exponential moving averages or EMAs, indicating a strong uptrend. The trend is expected to continue as long as the stock sustains above key moving averages.
Avanti Feed: Buy at ₹786 | Target ₹865-910 | Stop loss ₹728
After a long consolidation, the stock has touched a new lifetime high. Both relative strength index (RSI) and average directional index (ADX) indicate that the momentum is likely to continue.
The stock has given a rectangle breakout from 720 levels, with a target of 865. Considering this breakout, 865 will be the first target for the ongoing bullish momentum.
Adani Enterprises: Buy at ₹2,245 Target ₹2,505-2540 | Stop loss ₹ 2,145
The stock rallied 4.7% yesterday with strong volume, indicating bullish strength. Additionally, the stock has formed a double bottom and is breaking out of a triangle pattern, signalling a potential upward move.
If this rally sustains, we could see further bullishness in the coming days.
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
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Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
