Indian Stock Market Ends Lower on Weak Global Trends and Rising US-China Tension
The Indian stock market witnessed a downward trend on Friday, following weak global market trends and escalating tensions between the US and China. The Nifty 50 index corrected by 269 points, closing at 24,530, while the BSE Sensex lost 738 points, ending at 80,604. The Bank Nifty index also nosedived by 355 points, finishing at 52,265. Tech outages, down by 8.8 percent, hindered cash market volumes on the NSE, leading to a broad market decline.
Expert Recommendations for Buying Stocks
Sumeet Bagadia, Executive Director at Choice Broking, provided recommendations for buying stocks in the current market scenario. Bagadia highlighted that the Nifty 50 index has formed a bearish candle after significant selling at the 24,850 level. He emphasized that the crucial support for the index has now shifted to the 24,200 mark, and a breach below this level could weaken market sentiment.
Stocks to Consider Buying
Bagadia recommended three stocks to consider buying on Monday: Glenmark Pharmaceuticals, Colgate Palmolive, and Asian Paints. For Glenmark Pharmaceuticals, the recommendation is to buy at ₹1412.95 with a target of ₹1525 and a stop loss at ₹1350. The stock is currently showing a strong upward trend, with potential for further gains if it breaks through the resistance at ₹1425.
For Colgate Palmolive, the recommendation is to buy at ₹3120.95, with a target of ₹3370 and a stop loss at ₹2980. The stock has rebounded from the support level of ₹2980 and is trading above key moving averages, indicating a positive trend. A breach of the resistance at ₹3150 could lead to further upside.
Lastly, for Asian Paints, the recommendation is to buy at ₹2946, with a target of ₹3190 and a stop loss at ₹2840. The stock is trading above key EMAs and has potential for further gains if it surpasses the resistance at ₹3030.
Investors are advised to conduct thorough research and consult with experts before making any investment decisions. The views and recommendations provided are those of individual analysts or broking companies and not Mint.
