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- Domestic equity benchmarks, the Sensex and Nifty 50, saw gains for the second consecutive day, driven by strong performances in key stocks such as Mahindra & Mahindra, Reliance Industries, and ITC.
- The Nifty 50 index notably reclaimed the 22,400 level in a dramatic last-hour rally, reflecting a bullish sentiment among investors.
- “The market’s recovery to the 22,400 mark indicates a robust bullish undercurrent that could set the tone for the coming weeks,” noted a market analyst.
This article provides an in-depth analysis of the latest movements in the Sensex and Nifty 50, highlighting expert insights and key stock performances.
Nifty 50 and Sensex Post Gains Amid Positive Market Sentiment
On Friday, the BSE Sensex closed higher by 253.31 points, or 0.34%, reaching 73,917.03, while the Nifty 50 increased by 62.25 points, or 0.28%, to close at 22,466.10. This upward trend was supported by significant buying in major stocks like M&M, Reliance, and ITC, alongside a broader market rally.
Expert Analysis on Market Movements
Market analysts have attributed this positive momentum to lower-than-expected US CPI inflation figures, which were released on Thursday, easing concerns over aggressive rate hikes by the Fed. Additionally, the India VIX falling below the 20-point mark to 19.99 also reassured investors, signaling reduced volatility ahead.
Technical Outlook for Nifty 50 and Bank Nifty
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, provided a technical analysis of the Nifty 50. According to Parekh, the index is showing signs of a strong recovery from its intraday low near the 21,800 zone, with potential resistance at 22,600–22,900 in the near term. Similarly, the Bank Nifty has shown resilience, bouncing back from the 47,000 support level to breach the 50EMA at 47,700, indicating a positive shift in market sentiment.
Stock Recommendations by Vaishali Parekh
Parekh recommended buying shares of Grasim Industries Ltd, Paras Defence and Space Technologies Ltd, and IRB Infrastructure Developers Ltd, citing favorable technical setups and market conditions. Specific target prices and stop-loss levels were provided to guide potential investors.
Conclusion
The recent rally in the Sensex and Nifty 50 highlights a robust market sentiment, backed by favorable economic indicators and strong performances in key stocks. Investors are advised to monitor these developments closely, considering expert analyses and technical outlooks for informed trading decisions.
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