Indian Stock Market Sees Gains for Second Day
The Indian stock market had a positive day, with the Nifty 50 rising 0.57% to 26,046.95 and the BSE Sensex adding 0.53% to 85,267.66. This is the second day in a row that the market has seen gains, which helps to reduce the overall losses for the week.
What's Behind the Gains?
The gains are largely due to the US Federal Reserve's decision to cut interest rates. The market is now waiting to see how it will react to the latest retail inflation data, which was released after the market closed on Monday.
Weekly Performance
Despite the recent gains, the Sensex and Nifty 50 still saw a 0.5% fall for the week. Small-cap and mid-cap stocks also declined, with losses of 0.7% and 0.5%, respectively. However, there are some positive signs, with certain sector indices showing signs of recovery.
Expert Analysis
Mehul Kothari, Deputy Vice President of Technical Research at Anand Rathi, shared his insights on the market outlook. He believes that the Nifty 50's ability to hold certain key levels is crucial for the ongoing uptrend. A key level to watch is the 26,100 resistance, and a move above this could lead to further gains.
Top Stock Picks
Kothari recommended the following stocks to buy on Monday:
- Vodafone Idea: Buy near ₹10.50, with a stop loss at ₹10.70 and a target price of ₹12.50-13.00
- Suzlon Energy: Buy near ₹53, with a stop loss at ₹50.50 and a target price of ₹58
- Inox Wind: Buy near ₹124, with a stop loss at ₹119 and a target price of ₹134
Important Disclaimer
Please note that these recommendations are for educational purposes only and should not be considered as investment advice. It's always a good idea to consult with certified experts before making any investment decisions.