*Market Overview:*
Indian stock markets extended their winning streak, closing higher for the seventh consecutive week. The Nifty 50 index saw a notable surge of 2.30%, reaching 21,456 levels, and the BSE Sensex marked a weekly gain of 2.18%, ending at 71,483 levels. The Nifty Bank index also posted a strong performance, with a weekly gain of 1.85%, closing at 48,143 levels.
*Analysis by Siddhartha Khemka, Head – Retail Research at Motilal Oswal:*
The positive momentum in the Indian stock market continued, with Nifty 50 achieving new highs. Notable sectors contributing to the bullish trend include IT, PSU Bank, Metals, and Oil & Gas. Global markets are experiencing a Santa rally following a dovish outlook by the US Fed and a decline in the dollar index. Strong foreign institutional investors (FIIs) buying and robust macroeconomic indicators further supported the positive sentiment in the Indian markets.
*Technical Analysis and Outlook:*
Subash Gangadharan, Senior Technical and Derivative Analyst at HDFC Securities, indicated that while the Nifty remains in bullish control, caution is advised in the near term due to overbought conditions. The 14-day RSI is at 84.93, signaling overbought territory, but the 14-week RSI at 75.87 suggests potential for more upsides in the intermediate term. Crucial support levels to monitor are at 21,319 to 21,235.
*Bank Nifty Analysis:*
According to Sheersham Gupta, Director & Senior Technical Analyst at Rupeezy, Bank Nifty, led by PSU Banks, achieved a record-breaking 48,200 levels, nearing the significant 50,000 milestone. Technical analysis and open interest data suggest a support range at 47,800 to 48,000, with resistance identified at 48,200.
*Outlook and Recommendations:*
Osho Krishan, Sr. Analyst – Technical & Derivative Research at AngelOne, advised a selective approach, focusing on thematic movers amid ongoing sectoral rotation. The overall stance remains bullish, but a cautious approach is recommended, staying light on positions for key indices. Regular monitoring is emphasized due to the rally’s reliance on robust global developments.
*Intraday Stock Picks:*
Experts Sumeet Bagadia, Ganesh Dongre, and Virat Jagad shared their top intraday stock picks:
1. **Tata Motors (CMP: ₹732.40)**
– Buy at ₹732.40, Target ₹760, Stop Loss ₹715.
– Strong breakout above ₹728 with high volumes.
– Trading above short, medium, and long-term EMAs.
– Momentum indicator at 72 levels.
2. **RBL Bank (CMP: ₹292.45)**
– Buy at ₹292.45, Target ₹316, Stop Loss ₹282.
– Breakout with a new higher high and higher low.
– Strong bullish momentum; resistance near ₹316.
– Support near ₹282.
Please note that these recommendations are based on technical analysis and market conditions, and investors should conduct their own research before making investment decisions.
