Stock recommendations by Ganesh Dongre of Anand Rathi: The key benchmark indices of the Indian stock market ended the week on a negative note, with the Nifty 50 declining nearly 0.88% to close at 23,140, while the Bank Nifty declined 1.38% to close at 55,580. Sectoral performance remained relatively mixed, although Realty, Metals and Chemicals outperformed during the week, gaining around 1–2%.
From a macro perspective, geopolitical uncertainties remain elevated, particularly around the US–Iran tensions and broader developments in the Middle East. Movements in crude oil prices and global market cues are likely to remain important factors for the domestic market in the coming week. Brent crude continues to sustain above the $100 per barrel mark, raising concerns over inflationary pressures and global risk sentiment.
From a technical perspective, the Nifty 50 index has entered an oversold zone following the recent sharp decline, amid concerns about the US Federal Reserve’s interest-rate outlook. The possibility of another rate increase in the coming quarters remains a key concern for global markets, while the US 10-year Treasury yield, maintaining an upward bias, could continue to influence risk appetite.
Stock market outlook
Ganesh Dongre, Assistant Vice President — Equity Research at Anand Rathi, believes that profit booking at higher levels remains a possibility, and the Nifty 50 index could therefore witness a period of sideways consolidation during the upcoming monthly expiry week.
Outlook for the Nifty 50 today
Speaking on the outlook for the Nifty 50 index, Ganesh Dongre of Anand Rathi said, “The Nifty 50 index continues to face difficulty sustaining above the 23,500–23,600 resistance zone, which remains an important technical barrier. A sustained weekly close above 23,600 would improve the near-term technical setup and could open the possibility of a recovery towards the 23,800–24,200 zone.”
On the downside, Ganesh Dongre of Anand Rathi said, 23,000 will remain an important support level for the Nifty, as it represents a previous support zone. From a derivatives perspective, options positioning suggests a relatively defined trading range for the upcoming expiry week.
“Both the Nifty 50 and Bank Nifty continue to maintain a cautious medium-term structure despite the recent correction and profit booking. The current decline can still be viewed as a phase of consolidation following the earlier rally, although near-term risks,” Ganesh Dongre of Anand Rathi said.
Outlook for the Bank Nifty index
On outlook for the Bank Nifty index, the Anand Rathi expert said, the key benchmark index remained under selling pressure during the week and is currently trading below its 200-day EMA near 56,600, making this an important technical zone to watch. A move back towards the 200-day EMA, followed by a sustained hold above this level, could help the index regain some of its technical strength.
“The broader support zone is placed around 55,000–56,300, while 56,500–56,800 remains an important resistance zone. A decisive and sustained breakout above 58,500 would strengthen the medium-term technical setup and could signal a resumption of the broader uptrend,” said Dongre.
Ganesh Dongre’s stock recommendations today
Regarding stocks to buy on Monday, Ganesh Dongre of Anand Rathi recommended buying these six shares: Cochin Shipyard, Voltas, BEL, Tata Steel, Axis Bank, and Vedanta Aluminium Metal.
1] Cochin Shipyard: Buy at ₹1370 to ₹1380 | Target ₹1450 | Stop Loss ₹1340;
2] Voltas: Buy at ₹1110 to ₹1120 | Target ₹1160 | Stop Loss ₹1080;
3] BEL: Buy at ₹390 to ₹395 | Target ₹410 | Stop Loss ₹380;
4] Tata Steel: Buy at ₹190 | Target ₹196 | Stop Loss ₹186;
5] Axis Bank: Buy at ₹1222 | Target ₹1260 | Stop Loss ₹1200; and
6] Vedanta Aluminium Metal: Buy at ₹426 | Target ₹440 | Stop Loss ₹418.
Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions.
