Stock market right this moment: On the final commerce session in FY24, the Indian inventory market witnessed a decisive intraday upside breakout. The Nifty 50 index went up 203 factors and ended on the 22,326 degree, the BSE Sensex shot up 655 factors and completed on the 73,651 mark whereas the Bank Nifty index surged 338 factors and closed on the 47,124 degree. In the broad market, the small-cap index gained 0.33 % whereas the mid-cap index scaled 0.62 % north on the final commerce session of FY24.
“Domestic equities ended the FY24 on a bullish tone with Nifty up 28.6% whereas the broader market gained 60%-70%. Nifty strengthened all through the session to shut with positive aspects of 203 factors (+0.9%) at 22327 ranges. All sectors ended within the inexperienced. Markets on Monday will react to international cues because the US will announce This autumn GDP and core PCE value knowledge. Also, US Fed Chair Powell’s speech which is scheduled on Friday can be essential from an rate of interest perspective,” stated Siddhartha Khemka, Head of Retail Research at Motilal Oswal.
Day buying and selling information for inventory market right this moment
On the outlook for the Nifty 50 right this moment, Sameet Chavan, Chief Analyst-Technical & Derivatives at Angel One stated, “On the every day chart, costs remained inside an outlined vary, concluding close to the higher boundary as we strategy the numerous day of month-to-month expiry, coinciding with the Financial year-end. Going forward to the following session, 22200 stands as a pivotal degree to watch; a sustained breach past this level may catalyze a strong upward motion, establishing a sturdy basis for the market within the new month. Conversely, recent classes have seen buy-ins throughout intraday dips, indicating potential assist ranges across the 22000 – 21950 zone for the upcoming session.”
On the outlook for the Bank Nifty right this moment, Om Mehra, Technical Analyst at SAMCO Securities stated, “Bank Nifty closed the session at 46,785.95 after gaining 0.40% and has fashioned a bullish candle on the every day chart. The Index rebounded from the 20-day shifting common (DMA) however confronted resistance across the 47,000 zone. Fibonacci retracement reveals assist at 46,350 ranges and resistance at 47,300 ranges.”
On the outlook for the Indian inventory market right this moment, Siddhartha Khemka of Motilal Oswal stated, “We anticipate the market to proceed its constructive momentum with a give attention to large-cap. With the beginning of the election in April, we imagine government-centric shares to be in focus. Auto shares are prone to be within the limelight subsequent week amid the discharge of month-to-month Auto gross sales quantity.”
F&O expiry
“Both indices confirmed constructive momentum right this moment, on the again of lengthy rollovers from March to April sequence. Nifty broke above the resistance of twenty-two,200, signaling a pattern reversal and doubtlessly heading in direction of the 23,000 mark. Bank Nifty, but to interrupt above 48,000, could check ranges of 49,500/50,000 because it witnesses aggressive lengthy bets, with 87% rollovers till Wednesday,” stated Shilpa Rout, AVP – Derivatives Research at Prabhudas Lilladher.
“Sector-wise, increased rollovers have been noticed in Financials, Cement, Capital Goods, and Banking (79%). Stock-wise, increased rollovers have been seen in MFSL, GodrejCP (90%), SBI, Ambuja Cement, UltraTech Cement, HDFC Life, LIC Housing Finance, and HDFC Bank.”
Buy or promote inventory concepts by specialists
On shares to purchase right this moment, inventory market specialists — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi; Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher; and Drumil Vithlani, Technical Research Analyst at Bonanza Portfolio — really useful 9 purchase or promote shares for right this moment.
Sumeet Bagadia’s inventory suggestions right this moment
1] Eicher Motors: Buy at ₹4019.30, goal ₹4330, cease loss ₹3863.
Eicher Motors share value, presently buying and selling at ₹4019.30, has not too long ago exhibited a reversal sample, breaking out of a every day pattern line with important buying and selling quantity. The prevailing value motion signifies sturdy bullish momentum, with expectations of a sustained upward motion in direction of the ₹4330 degree. Notably, substantial assist is obvious close to ₹3863.
2] Lupin: Buy at ₹1617, goal ₹1675, cease loss ₹1590.
Lupin share value suggests a typically constructive outlook. Lupin share value is at present buying and selling at ₹1616.80 ranges, having not too long ago rebounded from a assist degree of ₹1590 ranges. This bounce signifies that patrons are energetic at this degree, doubtlessly offering a basis for additional value positive aspects.
Ganesh Dongre’s shares to purchase right this moment
3] Bajaj Finserv: Buy at ₹1644, goal ₹1690, cease loss ₹1610.
In the short-term pattern, the inventory has a bullish reversal sample, technically retrenchment may very well be attainable until ₹1690. So, holding the assist degree of ₹1610 this inventory can bounce towards the ₹1690 degree within the quick time period. Hence, the dealer can go lengthy with a cease lack of ₹1610 for the goal value of ₹1690.
4] Canara Bank: Buy at ₹581, goal ₹620, cease loss ₹560.
In the short-term pattern, the inventory has a bullish reversal sample, technically retrenchment may very well be attainable until ₹620. So, holding the assist degree of ₹560 this inventory can bounce towards the ₹620 degree within the quick time period. Hence, the dealer can go lengthy with a cease lack of ₹560 for the goal value of ₹620.
Shiju Koothupalakkal’s day buying and selling shares
5] Mishra Dhatu Nigam: Buy at ₹394, goal ₹420, cease loss ₹380.
The inventory after the respectable correction has consolidated close to the ₹360 zone at present indicating a constructive candle formation shifting previous the essential 200 interval MA of ₹388 ranges to enhance the bias and additional rise is anticipated. The RSI has recovered from the oversold zone and with a pattern reversal indicated has signaled a purchase with the chart wanting enticing. We recommend shopping for and accumulating the inventory for an preliminary upside goal of ₹420 protecting the cease lack of ₹380.
6] Havells: Buy at ₹1515, goal ₹1600, cease loss ₹1480.
The inventory has fashioned a better lows sample on the every day chart taking assist close to the numerous 50EMA degree of ₹1440 zone and has witnessed a pullback to enhance the bias. Further rise is anticipated with indicators like RSI displaying power with a pattern reversal affirmation and is nicely placed with a lot upside potential seen from present ranges. We recommend shopping for the inventory for an preliminary upside goal of ₹1600 protecting the cease lack of ₹1480.
7] NBCC: Buy at ₹118.90, goal ₹128, cease loss ₹114.
The inventory has witnessed an honest erosion from the height zone of ₹176 ranges and not too long ago, having proven indicators of stabilizing close to the ₹107 zone, has indicated a gradual pullback to enhance the bias to maneuver simply above the essential 50EMA degree of ₹118 and with the risk-reward wanting very a lot beneficial, we anticipate for an extra rise within the coming days. The RSI has slowly picked up and is on the rise indicating power and may keep on with the constructive transfer additional forward. We recommend shopping for the inventory for an preliminary goal of ₹128 protecting the cease lack of ₹114.
Drumil Vithlani’s purchase or promote shares
8] Century Textile: Buy at ₹1627 to ₹1629, goal ₹1695, cease loss ₹1600.
Century Textile is seen to be breaking out of a Rectangle sample on the every day time-frame and making a Strong bullish candlestick which is why a purchase advice is initiated for targets as much as ₹1695. One can provoke a buy-on dip within the vary of ₹1627 to ₹1629 with a cease loss under ₹1600 on a every day closing foundation. The value is buying and selling above the short-term EMA (20) indicating an uptrend within the safety. The RSI is now buying and selling within the northern course supporting the value motion.
9] Indiabulls Housing Finance: Buy at ₹168 to ₹168.50, goal ₹175, cease loss ₹166.
Indiabulls Housing Finance share is seen to be breaking out of a symmetrical triangle on the every day time-frame and making a bullish candlestick which is why a purchase advice is initiated for targets as much as ₹175. One can provoke a buy-on dip within the vary of ₹168 to ₹168.50 with a cease loss under ₹166 on a every day closing foundation.
Disclaimer: The views and proposals made above are these of individual analysts or broking corporations, and never of Mint. We advise traders to verify with licensed specialists earlier than making any funding choices.
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