Benchmark indices Sensex and Nifty rose on Friday, extending gains for a second straight day on the back of buying in auto, banking, and energy stocks in line with firm global trends. The BSE Sensex advanced by 462 to settle at 52,727.9. The Nifty rose 0.9% to close at 15,699.
Both the indexes posted weekly gains of 2.7%. The Nifty and the Sensex had fallen for two straight weeks on concerns of central bank aggression amid surging inflation.
The broader markets outperformed as barring IT, all the other sectoral indices ended in the green. The BSE smallcap gauge jumped 1.6% and the midcap index gained 1.5%.
Day trading guide for stock market today
“The short term trend of Nifty continues to be positive. Having placed at the significant overhead resistance at 15800 levels, there is a possibility of one more leg of small downward correction from the highs of around 15,800-15,900 levels by next week, before showing any decisive upside breakout,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“Indian markets have seen some recovery from its lows of last week on the back of fall in crude oil prices and in-line commentary from US Fed. However, concerns of global recession, monetary tightening as well as depreciating rupee would keep the upside limited. We expect market volatility to continue next week with Nifty approaching its strong resistance around the 16,000 mark,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
Stocks to buy today as recommended by analysts –
Rajesh Bhosale, Technical Analyst, Angel One Ltd
Sunteck Realty: Buy SUNTECK, stop loss ₹470, target ₹504
Indian Hotel: Buy INDHOTEL, stop loss ₹220, target ₹239
Mehul Kothari, AVP -Technical Research at Anand Rathi
Tata Motors: Buy TATAMOTORS, stop loss ₹399, target ₹428
Strides Pharma: Buy STAR, stop loss ₹330, target ₹368
Sumeet Bagadia, Executive Director at Choice Broking
Motherson Sumi: Buy Mothersumi, stop loss ₹115, target ₹130-135
NMDC: Buy NMDC, stop loss ₹101, target ₹115-118