The Indian stock market is positioned for potential upward movement, driven by positive cues from the Gift Nifty. However, underlying sentiment remains measured as investors navigate global uncertainties.
On Thursday, the broader markets experienced significant volatility. The Nifty 50 index plunged by 222 points, closing at 23,775. The BSE Sensex shed 931 points, closing at 76,631. The Bank Nifty index also saw a sharp decline, falling 882 points to close at 54,821.
Analyzing the Global Backdrop and Market Momentum
Weak global sentiments, following Israel's attack on Lebanon, cast a shadow over domestic trading. The performance highlighted a degree of selective strength.Metals sectors notably outperformed the broader indices. This relative strength is attributed to improving earnings expectations and supportive global metal price trends. This pattern suggests a market favoring sectors with clearer near-term earning visibility.
Optimism remains palpable regarding the US-Iran ceasefire, which fuels positive global cues. These cues suggest the Indian market might open on a firm footing, with the Gift Nifty pointing to a start above the 23,900 mark.
Key Support and Resistance Levels for Nifty 50 and Bank Nifty
Vaishali Parekh of Prabhudas Lilladher provided critical technical insights for traders. She noted that the Nifty 50 index faces resistance near the 24,000 zone.The index is expected to find near-term support at the 23,000 level on the downside. For sustained positive momentum, the Nifty 50 needs to stabilize and consolidate within the 23,500 to 24,000 band, according to the analyst.
On the Bank Nifty front, the index encountered resistance around the 55,700 level. Parekh observed profit booking, suggesting the session closed near 54,800. The critical support zone identified for the Bank Nifty is 53,500.
Expert Stock Picks: Three Intraday Buys Recommended
For intraday trading, Vaishali Parekh has pinpointed three specific stocks with actionable recommendations.For IEX, the buy recommendation is at ₹ 128, targeting ₹ 132 with a stop loss set at ₹ 126.
PB Fintech shows an entry point buy at ₹ 1480. The target is set at ₹ 1520, while the stop loss should be maintained at ₹ 1470.
Finally, HFCL is recommended for buying at ₹ 78, projecting a target of ₹ 85 and a corresponding stop loss at ₹ 77.
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