- The Indian stock market ended Monday’s volatile session higher, with the Nifty 50 closing above the 22,100 zone.
- The Sensex rose 111.66 points, or 0.15%, to end at 72,776.13, while the Nifty 50 settled 48.85 points, or 0.22%, higher at 22,104.05.
- The Bank Nifty index ended its eight-day losing streak and jumped 333 points to close at 47,754.
Indian stock market indices rise, with Nifty 50 closing above 22,100 and Bank Nifty ending an eight-day losing streak. Here’s the technical outlook and stocks to buy for May 14.
Nifty Outlook
The Nifty 50 formed a bullish candle on the daily frame with a longer lower shadow indicating a strong pull back move from lower levels. Now it has to hold above 22,050 zones for a bounce towards 22,222 then 22,350 zones whereas supports are placed at 21,950 then 21,800 zones, said Chandan Taparia, Head – Equity Derivatives and Technicals, Broking and Distribution, MOFSL.
Bank Nifty Outlook
Bank Nifty Index opened marginally lower and gradually drifted lower towards 46,983 mark in the first half of the session. However, it witnessed a sharp recovery from lower zones and wiped out its intraday losses to extend the momentum towards 47,800 zones in the latter part of the day.
Stocks to buy tomorrow
Chandan Taparia has recommended three stocks to buy tomorrow, May 14. These stocks include Cummins India, Godrej Consumer Products and InterGlobe Aviation (IndiGo).
Cummins India | Buy | Target: ₹3,700 | Stop Loss: ₹3,400
Cummins India stock has been making higher top – higher bottom on weekly scale and it is scaling higher day by day. We have seen decent run up in most of the Capital Good stocks and the entire sector is outperforming the broader market. It managed to hold ₹3,300 zones and traded above all the moving averages at new high territory. Mechanical indicators are holding the bullish stance thus expecting the next leg of rally in the stock towards ₹3,700 levels.
Godrej Consumer Products | Buy | TP: ₹1,415 | Stop Loss: ₹1,305
Godrej Consumer Products stock is all set for the next leg of rally after the consolidative move of the last two trading sessions. It has been making higher top – higher bottom on weekly scale and holding well above ₹1,300 zones. It added build up of long and those positions are intact in the system. Price volume breakout with support from open interest activities indicates bullish momentum to continue.
InterGlobe Aviation | Buy | Target Price: ₹4,300 | Stop Loss: ₹3,980
IndiGo shares are heading towards new sky as every small decline is being bought. It has been forming higher lows on weekly scale while consolidation breakdown seen in daily scale. Now IndiGo stock has to hold above ₹4,000 zones to witness a fresh move towards ₹4,300 zones.
Conclusion
The Indian stock market indices have shown a positive trend with Nifty 50 and Bank Nifty closing higher. The outlook for the market remains bullish with stocks like Cummins India, Godrej Consumer Products and InterGlobe Aviation recommended for buying. However, investors are advised to check with certified experts before making any investment decisions.
