Stock market today: Indian equity markets extended their winning streak to a fifth consecutive session on Wednesday, with the Sensex rising nearly 384 points to close above the 77,000 mark. Buying in heavyweight financial, FMCG and automobile stocks, supported by foreign fund inflows and easing crude oil prices, lifted investor sentiment.
The 30-share BSE Sensex advanced 383.55 points, or 0.50%, to settle at 77,301.40, marking its highest closing level in more than two months. During the session, the index climbed as much as 478.19 points, or 0.62%, to hit 77,396.04. Over the five sessions through Wednesday, the Sensex gained more than 4,000 points, or around 5%.
The Nifty 50 also ended higher, rising 149.75 points, or 0.63%, to close at 23,960.60.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, has recommended buying GMR Airports at ₹94.45, with a target price of ₹103 and a stop-loss of ₹89.50. He has also suggested buying Hindustan Aeronautics (HAL) at ₹5,077, with an upside target of ₹5,500 and a stop-loss of ₹4,830. Both stock recommendations carry a trading horizon of two to three weeks.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
The market continued its excellent uptrend on Wednesday, and Nifty 50 closed the day higher by 149 points, marking the fifth consecutive session of an uptrend.
A long bull candle was formed on the daily chart that has surpassed the key upper area of the 200-day EMA around 23,900 levels. Though Nifty 50 is at the highs, there is still no indication of any tiredness/reversal emerging from them.
After a subdued movement in the last few sessions, the market breadth has improved significantly on Wednesday with midcap & smallcap closed higher by 1.5% to 2% respectively. This is positive indication.
The underlying trend of Nifty 50 continues to be positive and the next upside to be watched around 24,300-24,400 levels in the near term. Any dips could find support around 23,700 levels.
Stocks to buy
Buy GMR Airports at ₹94.45, Target at ₹103, Stoploss at ₹89.50, Timeframe 2-3 weeks
The downtrend of the last few months seems to have reversed sharply. We observe a formation of crucial bottom reversal pattern at ₹85 levels. The overall long-term chart indicates a formation of double bottom type pattern around ₹84 levels. Volume and RSI pattern indicates bullish outlook for the stock price.
Buy Hindustan Aeronautics Ltd (HAL) at ₹5,077, Target at ₹5,500, Stoploss at ₹4,830, Timeframe 2-3 weeks
The stock price has been in a larger consolidation pattern over the last few months. The larger degree bullish pattern like higher tops and bottoms is visible as per weekly timeframe chart. The stock price is at the edge of decisive breakout of ₹5,100 levels. Weekly RSI is on the verge of breakout of crucial upper area of 60 levels.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
