Indian Stock Market Rebounds After Five-Day Losing Streak: Expert Recommendations for Monday
After a tumultuous week of losses, the Indian stock market saw a significant rebound on Friday, fueled by strong global market sentiments. The Nifty 50 index surged 428 points to reach a new peak of 24,861, while the BSE Sensex skyrocketed 1,292 points to close at 81,332. The Bank Nifty index also ended on a high note, finishing 407 points higher at 51,295. In the broader market, the small-cap index gained one percent, and the mid-cap index saw an impressive growth of 2.12 percent.
Sumeet Bagadia, Executive Director at Choice Broking, expressed optimism about the market’s improved sentiment, noting that the Nifty 50 index had surpassed the 24,850 hurdle. Bagadia highlighted a key resistance level at 25,000 and identified support levels at 24,650 to 24,700. He predicted a target of 25,400 for the index once it closes above 25,000.
For investors looking for potential opportunities in the market on Monday, Bagadia recommended three stocks: Cipla, Wipro, and Coal India.
Cipla, currently trading at ₹1575, has shown strong bullish momentum with a double bottom pattern on the daily chart. Bagadia suggested buying Cipla shares with a target of ₹1720 and a stop loss at ₹1495.
Wipro, trading at ₹524.80, is in a long-term uptrend and has found support near the 0.618 Fibonacci retracement level. Bagadia advised buying Wipro shares with a target of ₹580 and a stop loss at ₹499.
Coal India, trading at ₹509.85, is showing signs of a potential breakout from its consolidation range. Bagadia recommended buying Coal India shares with a target of ₹560 and a stop loss at ₹483.
Investors are reminded to conduct thorough research and consult with financial experts before making any investment decisions. The recommendations provided are based on individual analysis and may not reflect the views of all market experts.
