Why Indian Hotels, GAIL and Jamna Auto are a buy for short term?
The Indian Stock Market has shown significant movement today, and this article aims to provide an all-inclusive analysis of the day’s happenings. We will delve into popular stocks, market sentiments, and strategic stock recommendations, all while shedding light on the overall economic landscape.
A Glimpse at the Stock Market
The Indian stock market opened on a positive note today, with Nifty 50 showing noticeable upward movement. The index saw a consolidation breakout, with an optimistic sentiment permeating the market. Expectations suggest potential upward movements, with buying dips being a favorable strategy.
Resistance and Support Levels
The resistance for Nifty 50 is expected to be around the 22,400/22,600 mark, while support is anticipated at 22,200. The market rally was fuelled by the index’s sustained movement above the moving average.
Bank Nifty Performance
The bulls maintained their dominion in the Bank Nifty, leading the index to overcome significant hurdles with notable volumes. The index’s current support is established in the range of 47,000-46,900. Any pullback towards this support zone is seen as a favorable buying opportunity.
Key Market Players
The day saw certain stocks performing exceptionally well. These include Indian Hotels, GAIL, and Jamna Auto. These stocks saw a significant upsurge, contributing to the overall positive sentiment in the market.
Stock Recommendations
Rupak De, Senior Technical Analyst at LKP securities, has shared some strategic stock recommendations. These include buying Indian Hotels at around ₹590-595, targeting ₹640, and setting a stop loss at ₹569. Another recommendation is to buy GAIL and Jamna Auto.
Active Stocks
The active stocks of the day were Tata Steel, HDFC Bank, State Bank Of India, Tata Motors, and Wipro. These stocks saw significant movement, contributing to the overall positive sentiment in the market.
Gainers and Losers
The top gainers of the day were Tata Steel, Tata Motors, Wipro, ITC, and Asian Paints. On the other hand, the stocks that faced a slight dip were Mahindra & Mahindra, NTPC, Maruti Suzuki India, Sun Pharmaceutical Industries, and Ultratech Cement.
Other Noteworthy Stocks
Other noteworthy stocks of the day include HDFC Bank, Reliance Industries, TCS, Infosys, and HUL. These stocks also saw a considerable amount of movement, contributing to the overall market sentiment.
Overall Market Sentiment
The overall market sentiment is optimistic for potential upward movements, with expectations of buying into dips. The consolidation breakout of Nifty 50, coupled with sustained movement above the moving average, fueled a robust rally.
Final Thoughts
The Indian stock market today was characterised by optimism, with significant upward movement and a consolidation breakout. Key market players performed well, and the overall sentiment was positive. These factors have contributed to the robust rally that the market witnessed today. As we move forward, it is essential to keep a close eye on the market trends and strategize accordingly.
Please note that the views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
-Daisy