- The Indian stock market experienced its worst week in nearly two months, despite the Nifty 50 index ending higher on Friday.
- The Nifty 50 index closed at 22,055, the BSE Sensex at 72,664, and the Nifty Bank index at 47,421.
- Experts provide their stock recommendations for the upcoming trading week.
Despite a higher close on Friday, the Indian stock market had a rough week. Experts weigh in on the outlook and provide their stock recommendations for the upcoming week.
Market Performance
The Indian stock market had its worst week in nearly two months due to nervous election-related unloading. The Nifty 50 index closed at 22,055, the BSE Sensex at 72,664, and the Nifty Bank index at 47,421. Cash market volumes on the NSE fell about 13% to Rs.0.87 lakh crore. The broad market indices rose more than the Nifty, and the advance-decline ratio rose sharply to 1.84:1.
Trade setup for Monday
On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, “The short-term trend of Nifty continues to be negative. Having placed at the key trend line support, there is a possibility of minor upside bounce in the short term. But the market could eventually break down the present support of 21,900 to 21,850 levels and could slide down to 22,700 to 22,600 in the near term. Immediate resistance for Nifty today is placed at 22,300 levels.”
Outlook for Bank Nifty
On the outlook for Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities said, “Bank Nifty has been on a downward streak for eight consecutive trading sessions, closing at 47,421.10, down 0.14%. Despite attempts at recovery, every upward movement was met with selling pressure. The weaker trend is evident on the hourly chart. The immediate support level is 47,880, which coincides with the 61.8% Fibonacci retracement.”
India VIX today
“The India VIX today is in 17 to 19 range. The index has tried to break above 19 resistance but the index has failed to sustain above this crucial resistance level. Once it closes above 19 mark, we can expect the volatility index of India to touch 22 in short term,” said Sumeet Bagadia, Executive Director at Choice Broking.
Stock Recommendations
Several experts have provided their stock recommendations for the upcoming trading week. These include Sumeet Bagadia of Choice Broking, Ganesh Dongre of Anand Rathi, and Shiju Koothupalakkal of Prabhudas Lilladher.
Conclusion
The Indian stock market had a challenging week, with the Nifty 50 index closing higher on Friday. Experts provide a mixed outlook for the upcoming week, with some expecting a minor upside bounce in the short term. They also provide their stock recommendations for traders to consider.
