Indian stock market: India’s benchmark equity indices broke a three-day losing streak and closed over 1 per cent higher on Friday, driven by short-covering ahead of the upcoming monthly derivatives expiry and a boost in sentiment after US President Donald Trump postponed his decision to support Israel’s attack on Iran.
The Sensex began the session at 81,354.85, slightly below its previous close of 81,361.87, and surged 1,133 points (1.4 per cent) to reach an intraday high of 82,494.49. Meanwhile, the Nifty 50 opened at 24,787.65, compared to its last close of 24,793.25, and climbed 1.4% to hit an intraday peak of 25,136.20.
By the end of the day, the Sensex had advanced 1,046 points, or 1.29 per cent, to close at 82,408.17. The Nifty 50 also gained 319 points, or 1.29 per cent, finishing at 25,112.40.
Among broader markets, the BSE Midcap index rose by 1.20 per cent, while the Smallcap index edged up 0.55 per cent.
Stock market next week
Sumeet Bagadia, Executive Director at Choice Broking believes that Indian stock market sentiment has improved after the sharp rally on Friday.
“ The Nifty 50 index is above 25,000 and the key benchmark index is set to touch 25,400 and 25,650 in short term. The index has made crucial base at 24,800. So, one should maintain stock-specific approach and look at those stocks that are looking strong on the technical chart,” said Bagadia.
Stocks to buy
Sumeet Bagadia has recommended three stocks to buy on Monday, June 23. The three stock picks by Bagadia are – HFCL, IFCI, and SJVN.
Here are the three stocks to buy on Monday:
1] HFCL: Buy at ₹81.72 | Target Price: ₹87.44 | Stop Loss: ₹78.85
2] IFCI: Buy at ₹59.96 | Target Price: ₹64.15 | Stop Loss: ₹57.86
3] SJVN: Buy at ₹96.97 | Target Price: ₹104 | Stop Loss: ₹96.97
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
