Aniket PujariBuy or sell stocks: The Indian stock market ended higher in all trade sessions last week, which enabled the Nifty 50 and the BSE Sensex to register their biggest weekly gain in the previous four years. The Nifty 50 index went up from 22,397 to 23,350 levels, recording 953 points or 4.25% weekly gain. The BSE Sensex surged from 73,828 to 76,905 levels, logging over 3,000 points weekly gain or 4.16%. This stock market rally was participatory, as the broad market also witnessed strong buying last week. The BSE Small-cap index went up from 43,844 to 47,296 levels, recording a weekly gain of 3,452 points or 7.90%. The BSE Mid-cap index surged from 39,062 to 41,831, logging a weekly gain of 2,769 points or around 7.10%. So, it is clear that broad markets outperformed the frontline indices.
Stock market today
Speaking on the outlook for the Indian stock market today, Siddhartha Khemka, Head of Research—Wealth Management at Motilal Oswal, said, “The Nifty 50 index has recovered 6.3% in the last three weeks, indicating value buying at lower levels. We expect this upward momentum to continue behind foreign institutional investors’ return to the Indian market amid attractive valuations and signs of economic recovery.”
On today’s outlook for the Nifty 50 index, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, “The underlying trend of the Nifty 50 index continues to be positive. Having surpassed the initial hurdle of the sloping trend line around 23,200 to 23,250, the Nifty could now advance towards the next resistance of 23,800 in the near term. Immediate support for Nifty today is placed at 23,250.”
Asked about the outlook of the Bank Nifty today, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta, said, “The Bank Nifty has formed a bullish candle on both the daily and weekly charts, indicating strength. The next major resistance for the index is near 50,650, which is around its previous swing high. A sustained move above 50,650 could trigger a fresh breakout in Bank Nifty. Traders are advised to adopt a “buy on dips” strategy.”
Intraday stocks for today under ₹100
Regarding stocks to buy today under ₹100, market experts Sumeet Bagadia, Executive Director at Choice Broking; Mahesh M Ojha, AVP—Research at Hensex Securities; and Anshul Jain, Head of Research at Lakshmishree Investment and Securities—recommended these three buy-or-sell stocks: NHPC, Edelweiss Financial Services, and Geojit Financial Services.
Sumeet Bagadia’s intraday stock for today
1] NHPC: Buy at ₹82.56, target ₹88.13, stop loss ₹79.48.
Mahesh M Ojha’s share to buy today
2] Edelweiss Financial Services: Buy at ₹92 to ₹93, targets ₹96, ₹98, ₹100, and ₹102, stop loss ₹89.
Anshul Jain’s stock of the day
3] Geojit Financial Services: Buy at ₹74.50, target ₹78, stop loss ₹73 (Closing Basis).
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
