Indian Stocks Gain: Choice Broking Sees Nifty, Bank Nifty Bias Improve
India's key equity indices, the Nifty 50 and BSE Sensex, posted their second consecutive weekly rise, with Choice Broking's Sumeet Bagadia noting an improved market bias and buying interest at lower levels.
Indian Equities Post Second Weekly Advance
The Indian stock market showed strong recovery last week, with the Nifty 50 index climbing 2.8% and the BSE Sensex adding 2250 points. This marked the second consecutive week of gains for both benchmark indices, following an eight-week period of declines.
Sumeet Bagadia, Executive Director at Choice Broking, observed an improved market bias, indicating that investors are showing renewed interest and purchasing shares at lower valuations. The Nifty 50 closed at 23,146.15, marking a 0.65% increase for the day, recovering from an earlier dip to 22,913.80 and finishing near its daily peak.
Technical Outlook for Key Indices
For the Nifty 50, Bagadia identified immediate support between 22,900 and 22,980, with resistance levels at 23,250–23,300. The Relative Strength Index (RSI) for the Nifty 50 improved to 52.81, up from its average of 34.70, suggesting strengthening bullish momentum.
The Put-Call Ratio (PCR) stood at 1.08, indicating a mildly positive derivatives setup, while the India VIX remained stable at 14.0250. The Bank Nifty index saw a 1.06% gain last week, closing nearly flat on the day at 55,844.00, up 0.06%. Bagadia placed its immediate support at 55,400–55,500 and resistance around 56,000–56,100, noting its RSI at 51.91.
Sectoral Performance and Top Movers
Last week, the IT sector led gains with a 3.92% rise, followed by Media, Cement, Auto, Metal, and PSU Bank sectors, which also advanced. Conversely, Mid Small Financial Services, Consumer Durables, and Healthcare sectors experienced selling pressure. Among individual A-listed stocks, Tata Elxsi shares surged by nearly 23%, making them the top weekly gainers.
Gallantt Ispat followed with a 21% increase, while 63 Moons Technologies, Tips Music, and Tech Mahindra each recorded approximately 20% gains. On the losing side, KRN Heat Exchanger shares fell by around 17%, with Yes Bank and Avalon Technologies shares each declining by about 14%.
Choice Broking's Stock Recommendations
For investors seeking opportunities in the Indian market, Sumeet Bagadia of Choice Broking provided three stock recommendations priced under ₹100. Indian Railway Finance Corporation (IRFC) was recommended with a buy price of ₹80.25, targeting ₹89 and a stop loss at ₹76.
Motherson Sumi Wiring India received a buy recommendation at ₹35.44, with a target of ₹38 and a stop loss at ₹34. Lastly, Lloyds Engineering Works was suggested for purchase at ₹96.37, aiming for ₹108 with a stop loss set at ₹90.50. These recommendations offer specific entry and exit points based on Choice Broking's analysis.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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