Stock market today: Indian benchmark indices began the week on a positive note on Monday, bolstered by strong foreign investor inflows and favorable signals from the global market.
At 14:25 IST, the Nifty 50 index increased by 114.25 points to hit 24,460.95, reflecting a gain of 0.47%, while the Sensex rose by 287.19 points to reach 80,789.18, marking an increase of 0.36%.
Experts believe this marks a significant shift in FII strategy and will provide stability to the market. Nevertheless, there are concerns about India’s potential retaliatory measures following the terrorist strike and their implications. This apprehension may limit the rally driven by FII investments.
On the technical side, Nagaraj Shetti from HDFC Securities suggests that the current short-term trend for Nifty 50 is favourable, and a lasting breakthrough above the 24,600 mark could lead to an upward movement towards the 24,800-25,000 range in the near term.
Nagaraj Shetti has also recommended two stocks to buy in the short-term. Here’s what Shetti says about the overall stock market in the near-term.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
After showing failed attempt of upside breakout of the range movement at 24,500-24,600 levels on Friday, Nifty 50 witnessed a sustainable upmove so far today and is currently trading higher. The short-term trend remains positive and a sustainable move above 24,600 levels could open next upside towards 24,800-25,000 levels in the short term. Immediate support is placed at 24,250 levels.
Technical Picks: Stocks to buy in the short-term
Nagaraj Shetti of HDFC Securities recommends these two stocks to buy in the short-term – BEML Ltd, and CreditAccess Grameen Ltd.
Buy BEML at ₹3,245 with a target of ₹3,440 and with a Stoploss ₹3,135, Timeframe 1-2 weeks
After witnessing a small dip, the BEML share price has bounced back recently. Currently, placed at the edge of upside breakout of hurdle around ₹3,250 levels. Volume and RSI patterns are indicating positive bias for the near term.
Buy CreditAccess Grameen at ₹1,163 with a target of ₹1,230, and with a Stoploss ₹1,130, Timeframe 1-2 weeks
CreditAccess Grameen share price has been in a bullish pattern like higher tops and bottoms over the period of time. Currently the stock price is in an attempt of breaking above the hurdle of consolidation movement at ₹1,175 levels. Daily RSI placed at 60 levels and the overall bullish chart pattern signal more upside for the short term.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
