Stock Market Today: The Indian stock market began the week with a strong performance. The Nifty 50 index closed with a 1.2% gain at 24,328.50, while the Bank Nifty rose by 1.41% to 55,432.80. Other sectors like auto, metals, pharma, and oil & gas also showed good gains. However, the IT sector ended slightly lower. Overall, broader indices posted gains between 0.9% and 1.6%.
According to Nagaraj Shetti from HDFC Securities, if Nifty moves above 24,400, it could see a quick jump toward the 24,600-24,800 range. Immediate support is seen at 24,050. For Bank Nifty, a move above 55,577 could lead to targets of 56,200 and 56,800, said experts from Bajaj Broking.
Indian stocks continue to attract buyers despite global tensions. Analysts expect some volatility due to geopolitical issues. Meanwhile, stock-specific movements will likely continue because of ongoing Q4 results. Key companies announcing results today include Bajaj Finance, Bajaj Finserv, Trent, BPCL, and Ambuja Cements.
Experts have recommended eight stocks for trading today:
– Tourism Finance Corporation of India Ltd: Buy at ₹198.4, target ₹212, stop loss ₹191.
– Paradeep Phosphates Ltd: Buy at ₹148.94, target ₹159, stop loss ₹144.
– Tata Motors Ltd: Buy at ₹668, target ₹685, stop loss ₹655.
– Tata Steel Ltd: Buy at ₹142, target ₹153, stop loss ₹135.
– Aditya Birla Capital Ltd: Buy at ₹199, target ₹207, stop loss ₹194.
– Garden Reach Shipbuilders & Engineers Ltd: Buy at ₹1749, target ₹1850, stop loss ₹1715.
– Kaynes Technology India Ltd: Buy at ₹5884, target ₹6140, stop loss ₹5770.
– TD Power Systems Ltd: Buy at ₹430.75, target ₹458, stop loss ₹430.
Disclaimer: Experts advise traders to follow stop-loss levels strictly to manage risk properly. However, it is important to consult a financial advisor before making investment decisions.
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