Title: Indian Stock Market Remains Range-Bound Despite Strong Global Cues
Despite strong global cues hinting at a possible US Fed rate cut, the Indian stock market remained range-bound last week. The Nifty 50 index added 19 points and closed at the 22,493 level, while the BSE-sensitive index Sensex went up 33 points and ended at the 74,119 mark. The Bank Nifty index, however, finished 129 points lower at the 47,865 level. Despite this, the small-cap index saw a 0.70 percent increase, and the mid-cap index shot up by 0.39 percent.
Intraday trading expert Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, noted that the Nifty 50 index reached a new lifetime high of 22,525 on Thursday, signaling positive market sentiment. Parekh also mentioned that strong buying in Tata group stocks could lead the 50-stock index to surge to new peaks.
Parekh recommended three stocks to buy or sell for the day: PVR, HDFC Life, and ITC. She also provided insights on the outlook for the Nifty 50, stating that with the index hitting record highs and strong momentum, it is anticipated to reach levels between 22,800 to 23,000. The Bank Nifty is also showing strength, hovering near the 48,000 zones with positive bias.
For the week, Parekh identified support levels at 73,000/22,000 and resistance levels at 75,200/23,000 for the Nifty 50. The Bank Nifty is expected to have a weekly range of 46,500 to 49,000 levels.
Parekh’s recommendations for the day were as follows:
1. PVR: Buy at ₹1415, target ₹1500, stop loss ₹1360
2. HDFC Life Insurance: Buy at ₹622, target ₹660, stop loss ₹600
3. ITC: Buy at ₹413, target ₹440, stop loss ₹398
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