Indian stock market: Snapping a six-day winning streak, benchmark indices Sensex and Nifty 50 declined by nearly 1 per cent each on Friday, August 22, weighed down by weak global cues.
The Sensex dropped 694 points, or 0.85 per cent, to finish at 81,306.85, while the Nifty 50 ended 214 points lower, or 0.85 per cent, at 24,870.10. The BSE Midcap and Smallcap indices also slipped, closing down 0.23 per cent and 0.35 per cent, respectively.
Fears surrounding impending Trump tariffs have dampened hopes for the proposed GST reforms and a potential S&P upgrade, as the August 27 deadline for the additional 25 per cent tariffs draws near.
On a weekly basis, however, the frontline indices gained around 1 per cent each, marking their second straight week of advances.
Stock market next week
Sumeet Bagadia, Executive Director at Choice Broking believes that the outlook for the Indian stock market has turned cautious as the Nifty 50 index ended close to 50-DEMA support placed at 24,820 levels.
“The key benchmark index is facing resistance at 25,150. Bullish or bearish trend can be assumed on the breakage of either side of this range. On breaking above 25,200 levels on a closing basis may trigger a fresh bull trend on Dalal Street,” Bagadia said.
Stocks to buy
Sumeet Bagadia has recommended three stocks to buy on Monday, August 25. The three stock picks by Bagadia are – SJVN, Centrum Capital, and Munjal Auto Industries.
1] SJVN: Buy at ₹99.54 | Target Price: ₹106.5 | Stop Loss: ₹96
2] Centrum Capital: Buy at ₹39.57 | Target Price: ₹42.5 | Stop Loss: ₹38
3] Munjal Auto Industries: Buy at ₹86.24 | Target Price: ₹93 | Stop Loss: ₹82.8
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.
