- The Indian stock market ended lower on Friday despite strong global market sentiments.
- The Nifty 50 index and the BSE Sensex both dropped from their lifetime highs due to profit booking.
- Anand Rathi’s Senior Manager of Technical Research, Ganesh Dongre, has recommended three stocks to buy today: Sun Pharma, BHEL, and IOC.
Despite strong global market sentiments, the Indian stock market ended lower on Friday due to profit booking. Anand Rathi’s Senior Manager of Technical Research, Ganesh Dongre, has recommended three stocks to buy today: Sun Pharma, BHEL, and IOC.
Indian Stock Market Performance
The Indian stock market ended lower on Friday, primarily due to profit booking after the indices reached new peaks earlier in the day. The Nifty 50 index ended 172 points lower after reaching a new peak of 22,794, and the BSE Sensex dropped 732 points from its lifetime high of 75,124. The Bank Nifty index also saw a significant decline of 307 points, closing at 48,923. In the broader market, the small-cap index finished 0.55 per cent lower after reaching a new peak of 47,678, and the mid-cap index ended 0.21 per cent lower after touching a new high of 42,774.
Anand Rathi’s Stock Picks for Monday
Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, believes that the Indian stock market bias may remain sideways in upcoming sessions till the Nifty 50 index continues to trade in the 22,300 to 22,900 range. The Anand Rathi expert said the next crucial support below 22,300 is placed at 22,100. On day trading stocks today, Ganesh Dongre of Anand Rathi recommended three stocks to buy today — Sun Pharma, BHEL, and IOC. These stocks have been chosen based on their recent price movements, volume trends, and other technical indicators.
Stock Market Outlook
Speaking on the outlook for the Indian stock market today, Ganesh Dongre said, “On the Nifty front, nifty closed at the support level of 22300–22400 zone, which may keep the movement sideways for the Nifty in the upcoming days. The next resistance for the Nifty spot will be 22800-22900. As per today’s chart pattern, we have seen the gap opening and continue its bullish trend, but Nifty has seen profit booking for the rest of the day. So, indices closed in negative territory at the end of the day. So, on the Nifty front, we may see profit booking on the stock-specific level in the upcoming trading session; next Nifty support stands at the 22100-22200 level.”
Conclusion
In summary, the stock market today showed signs of volatility and profit booking after reaching new peaks earlier in the day. Investors are advised to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
