On Thursday, the Indian stock market witnessed a positive momentum with the Nifty 50 index gaining 141 points and closing at 21,658, while the BSE Sensex surged 490 points, concluding at 71,847. The Nifty Bank index also finished 490 points higher at 48,195.
The broader market outperformed, with the Nifty midcap 100 and Nifty Smallcap 100 both up by 1%. All sectors closed in the green, with Realty, PSU Bank, and Financials leading the gains. Real Estate experienced a significant rally of 6%, fueled by a strong launch pipeline, and niche sectors like Defence, Power Finance, and Hotels also gained attention.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal, noted that the market exhibited strong resilience, likely to strengthen further as the results season approaches and more companies release their business updates.
Technical analysts provided insights into the short-term trends of key indices. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, mentioned that the Nifty 50 index’s short-term trend appeared to have reversed on the upside. Sustaining above 21,550 to 21,600 levels could open the way for the next upside towards 21,850 to 21,900 levels. Immediate support for Nifty was identified at the 21,550 mark.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, highlighted the robust comeback of bulls in Bank Nifty, surpassing the hurdle at 48,000 on a closing basis. This breakthrough indicated a potential move towards the target of 50,000, with solid support at the 47,700 mark in case of any pullback.
Foreign Institutional Investors (FIIs) purchased shares worth ₹1,513.41 crore in the cash segment and bought shares worth ₹121.92 crore in the F&O index future. On the other hand, Domestic Institutional Investors (DIIs) turned net sellers in the cash market, selling Indian shares worth ₹1,387.36 crore, and in the F&O index future segment, they sold shares worth ₹98,290.95 crore.
In the futures and options (F&O) segment, eleven stocks, including Balrampur Chini, Chambal Fertilizers, Delta Corp, Escorts, GNFC, Hindustan Copper, IEX, India Cements, NALCO, SAIL, and ZEEL, were placed under the F&O ban list.
Experts provided day trading recommendations for specific stocks:
1. UBL: Buy at ₹1894, target ₹1940, stop loss ₹1842.
2. India Cements: Buy at ₹273, target ₹290, stop loss ₹264.
3. BEL: Buy at ₹187, target ₹195, stop loss ₹180.
4. Adani Enterprises: Buy at ₹2995, target ₹3100, stop loss ₹2950.
5. Greenpanel Industries: Buy at ₹438 to ₹440, target ₹480, stop loss ₹415.
These recommendations were based on technical analysis, chart patterns, and short-term trend observations. Traders were advised to set stop-loss levels to manage risk effectively.
