- Despite positive global market cues, the Indian stock market ended lower after a volatile session on Monday. The Nifty 50 index lost 33 points and finished at 22,442, while the BSE Sensex ended marginally higher at 73,895.
- Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, believes the Indian stock market may remain sideways as the Nifty 50 index closed below the crucial support at 22,500 to 22,600 zone.
- Dongre recommended three shares to buy today — Tata Chemical, Kotak Mahindra Bank, and Dr Lal Pathlabs.
Indian stock market ends lower amid volatility; Anand Rathi’s Ganesh Dongre recommends three stocks to buy today.
Indian Stock Market Performance
The Indian stock market ended lower after a highly volatile session on Monday, despite positive global market cues. The Nifty 50 index lost 33 points and finished at 22,442, while the BSE Sensex ended marginally higher at 73,895. The Bank Nifty index went off 28 points and closed at 48,895. However, the broad market indices fell more than the frontline indices even as the advance-decline ratio fell sharply to 0.45:1.
Market Outlook by Anand Rathi’s Expert
Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, believes the Indian stock market may remain sideways as the Nifty 50 index closed below the crucial support at 22,500 to 22,600 zone. He maintained that the 50-stock index has vital support placed at the 22,200 to 22,100 mark, and some stock-specific profit-booking can not be negated.
Stock Recommendations
On day trading stocks for today, Ganesh Dongre recommended three shares to buy today — Tata Chemical, Kotak Mahindra Bank, and Dr Lal Pathlabs. For Tata Chemical, he suggested buying at ₹1085 with a target of ₹1135 and a stop loss at ₹1055. For Kotak Mahindra Bank, he recommended buying at ₹1625, targeting ₹1675, and a stop loss at ₹1590. Lastly, for Dr Lal Pathlabs, he suggested buying at ₹2340, with a target of ₹2360 and a stop loss at ₹2280.
Conclusion
The Indian stock market ended lower on Monday despite positive global cues. However, Anand Rathi’s Ganesh Dongre believes the market may remain sideways in the near term. He also recommended three stocks to buy today, providing specific entry points, targets, and stop losses for each.
