Despite a morning downturn, the Indian stock market exhibited resilience on Monday, with significant recovery leading to higher closures. The Nifty 50 index concluded 48 points higher at 22,104, while the BSE Sensex ended 111 points higher at 72,776. The Bank Nifty index surged 333 points and settled at 47,754. Notably, cash market volumes on the NSE escalated to Rs.0.98 lakh crore. Although the small-cap index ended slightly lower and the advance-decline ratio fell to 0.70:1, the overall market recovery is a promising sign for potential trades, underlining the market’s resilience.
Trade Setup for Tuesday
Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, provided insights into the trade setup for Tuesday. He mentioned that the Nifty 50 index closed near the support level of 21800–21900 zone. Dongre highlighted that if the index holds this support level, upward movement can be anticipated in the upcoming days, with the next resistance for the frontline index expected at 22,300. He noted the positive momentum seen after a gap down opening in the previous session, suggesting potential further short covering in the upcoming trading sessions.
Dongre also shared insights on the Bank Nifty front, mentioning that the frontline index witnessed short covering in the second half of the trading session and closed in positive territory. He pointed out that the immediate resistance for Bank Nifty on Tuesday stands at 48,500, with support levels at 47,000 to 47,300.
India VIX Analysis
Sumeet Bagadia, Executive Director at Choice Broking, analyzed the India VIX Index, highlighting its breach of the resistance placed at 19. Bagadia suggested that this breach signals further upside potential in the volatility index of the Indian stock market, with the index currently facing hurdles at the 22 mark. He anticipated that once it decisively breaches this hurdle, the India VIX Index may touch the 25 mark soon.
Expert Recommendations: Stocks to Buy Today
Sumeet Bagadia’s Picks
Sumeet Bagadia of Choice Broking recommended the following stocks to buy today:
- Sun Pharma
- Buy at ₹1525, target ₹1620, stop loss ₹1480.
- ICICI Bank
- Buy at ₹1128, target ₹1200, stop loss ₹1100.
Ganesh Dongre’s Selections
Ganesh Dongre of Anand Rathi suggested the following stocks to buy today:
- State Bank of India (SBI)
- Buy at ₹810, target ₹850, stop loss ₹797.
- Federal Bank
- Buy at ₹162, target ₹170, stop loss ₹155.
- HCL Tech
- Buy at ₹1313, target ₹1365, stop loss ₹1280.
Shiju Koothupalakkal’s Recommendations
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, provided insights into the following stocks:
- GMR Infra
- Buy at ₹82.35, target ₹85, stop loss ₹81.
- Olectra Green
- Buy at ₹1625, target ₹1720, stop loss ₹1594.
- BHEL
- Buy at ₹283.30, target ₹296, stop loss ₹277.
These recommendations from industry experts offer valuable insights for traders looking to make informed decisions in today’s market. It’s essential for investors to conduct their own research and consider their risk tolerance before making any investment decisions.
