The stock market is buzzing with positivity as the Nifty-50 index extended its winning streak for the third day in a row, closing at 22,907.60, up by 0.32%. The Bank Nifty also surged, ending at 49,702.60, registering a 0.79% gain. Sectors such as Realty, Oil & Gas, and Healthcare were among the biggest gainers, while IT and FMCG stocks lagged.
Market Trend: Bullish Momentum with Possible Consolidation
The index has remained above the 21-day Exponential Moving Average (21EMA) for the past two sessions, confirming a strong bullish trend. Experts suggest that the market may see some consolidation in the next two to three days before resuming its upward trajectory. Key support is currently placed at 22,600, while resistance is in the 23,100-23,150 range, according to Rupak De, Senior Technical Analyst at LKP Securities.
For the Bank Nifty, immediate support lies between 48,800-49,000, and it has been consolidating between 47,700 and 50,600 for the last nine weeks, as per Bajaj Broking.
Impact of US Fed Meeting on Global Markets
A major global event influencing market sentiment was the US Federal Reserve’s monetary policy announcement. The Fed decided to keep interest rates steady at 4.25-4.50%, marking the second consecutive meeting with no change. This decision, made under Donald Trump’s presidency, was closely watched by investors worldwide.
Following this announcement, global markets are expected to react, and Thursday’s opening trades may reflect some volatility. However, analysts predict that the overall sentiment will remain positive, favoring a “buy on dips” strategy.
Ajit Mishra, SVP, Research at Religare Broking Ltd, mentioned that banking, financials, metals, and energy sectors are leading the rally. He also advised traders to be selective when investing in the broader market.
Top Stock Picks for Today
Several market experts have recommended high-potential stocks for today’s trading session.
Sumeet Bagadia’s Picks
- Camlin Fine Sciences Ltd – Buy at ₹178 with a stop loss of ₹172 and a target price of ₹190. The stock has been forming higher highs and is currently showing strong bullish momentum. A breakout above ₹182 could further fuel buying interest.
- Lloyds Metals and Energy Ltd – Buy at ₹1242 with a stop loss of ₹1195 and a target price of ₹1333. The stock has shown significant bullish movement, breaking out with strong volume.
Ganesh Dongre’s Picks
- Sonata Software Ltd – Buy at ₹355 with a stop loss of ₹340 and a target price of ₹375. The stock is in an oversold zone, showing signs of a bullish reversal.
- IRCTC (Indian Railway Catering and Tourism Corporation Ltd) – Buy at ₹717 with a stop loss of ₹704 and a target price of ₹745. A bullish reversal pattern suggests a potential price increase.
- Bharat Petroleum Corporation Ltd (BPCL) – Buy at ₹266 with a stop loss of ₹258 and a target price of ₹275. The stock is maintaining crucial support and showing signs of a potential breakout.
Shiju Koothupalakkal’s Picks
- Kalyan Jewellers India Ltd – Buy at ₹453 with a stop loss of ₹442 and a target price of ₹480. After a sharp correction, the stock is witnessing a strong pullback with high trading volume, indicating a possible uptrend.
What’s Next for the Stock Market
As the week progresses, market trends suggest that volatility may remain due to profit booking and global cues. However, the overall sentiment appears positive, with banking, financials, and energy stocks leading the way.
Investors are advised to follow a disciplined approach, set stop losses, and stay updated with global economic developments. While short-term consolidation is expected, long-term investors might find buying opportunities in select stocks.
Disclaimer: The information provided in this article is for educational and informational purposes only and should not be considered financial or investment advice. Readers are advised to consult their financial advisors before making any investment decisions. The stock market is subject to risks and uncertainties, and past performance is not indicative of future results.
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