The Indian stock market continues its upward trajectory, marking the fifth consecutive session of gains as the participatory rally drives indices to new heights. Here’s a recap of today’s market highlights and expert insights for intraday trading:
Market Performance:
- The Nifty 50 index surged to a new high of 22,186 before settling at 22,122, showcasing the bullish sentiment prevailing in the market.
- The BSE Sensex rallied 281 points, closing at 72,708, while the Bank Nifty index added 150 points to end at 46,535.
- The small-cap index outperformed the Nifty 50 index, indicating broad-based market participation with an advance-decline ratio of 1.55:1.
Expert Analysis by Vaishali Parekh:
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, offers a highly bullish outlook for the Indian stock market, projecting further gains ahead. She emphasizes that the Nifty 50 index is poised to target levels of 22,400 and 22,800 in the immediate term. Despite the bullish sentiment, Parekh highlights the crucial support level for Nifty today at 21,800, suggesting that any dips in the index should be viewed as buying opportunities.
Intraday Trading Tips:
Parekh recommends three intraday stocks for today’s trading session:
- Sun Pharma
- Cochin Shipyard
- Grasim Industries
Market Outlook:
Reflecting on the outlook for the Nifty 50 index, Vaishali Parekh underscores its historic performance, reaching the All-Time High level of 22,186. The index’s consistent upward momentum over the past sessions strengthens the trend, with expectations of further gains. Parekh emphasizes the index’s strong support near the 21,800 zone, paving the way for higher targets at 22,400 and 22,800 levels in the days ahead.
As investors navigate the dynamic market landscape, Parekh’s insights and intraday stock recommendations provide valuable guidance for capitalizing on emerging opportunities while managing risks effectively.
Stay tuned for further updates and developments as the Indian stock market continues its upward trajectory, fueled by optimism and bullish momentum.
