Stock Market Today: The Indian stock market ended the week on a positive note, with the Nifty 50 closing at 24,346.70, gaining 1.3% compared to the previous week. The Bank Nifty also moved up slightly, closing at 55,115.35, while sectors like real estate, pharma, and auto showed strong performance. However, FMCG, utilities, and metals witnessed some decline.
According to market analysts, 24,200 is a crucial support level for the Nifty 50 index. If this level holds, the index may climb toward 24,600–24,800. However, if it slips below 24,200, it might drop further to test the 200-day Simple Moving Average (SMA) near 24,050.
For Bank Nifty, a breakout is expected if it crosses 55,800. If successful, it could move toward 56,100–56,500, showing potential for further gains.
This week is packed with important events, both in India and abroad. Geopolitical tensions with Pakistan and ongoing trade discussions are on investors’ radar. Domestically, key macroeconomic indicators such as the HSBC Composite PMI and Services PMI are due. On the global front, markets are awaiting the US Federal Reserve’s interest rate decision on May 7, which may offer insights into future rate cuts.
Investors should also keep an eye on earnings reports from major companies like Mahindra & Mahindra, Coal India, Asian Paints, L\&T, Titan, Pidilite, One 97 Communication, and Dr. Reddy’s Labs. Their performance may influence stock movements this week.
Market experts have recommended the following eight stocks for trading:
1. CarTrade Tech Ltd – Buy at ₹1768.2; target ₹1900; stop-loss ₹1700
2. CreditAccess Grameen Ltd – Buy at ₹1162.9; target ₹1250; stop-loss ₹1125
3. NHPC Ltd – Buy at ₹85-86; target ₹91; stop-loss ₹83
4. Chambal Fertilisers – Buy at ₹695; target ₹715; stop-loss ₹685
5. State Bank of India (SBI) – Buy at ₹800; target ₹830; stop-loss ₹785
6. VA Tech Wabag Ltd – Buy at ₹1310; target ₹1370; stop-loss ₹1280
7. Sumitomo Chemical India Ltd – Buy at ₹524; target ₹550; stop-loss ₹512
8. NCC Ltd – Buy at ₹217.4; target ₹230; stop-loss ₹212
Disclaimer: These picks are based on technical analysis and current price trends. However, it is always advisable to consult a certified financial advisor before making investment decisions.
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