The Indian stock market experienced a positive trend on Thursday, following the global market cues and the buzz surrounding a potential rate cut by the US Federal Reserve. The Nifty 50 index gained 41 points, closing at 24,811, while the BSE Sensex finished 147 points higher at 81,053. The Bank Nifty index also saw an increase of 300 points, ending at 50,985. In the broader market, the Small-cap index rose by 0.47%, and the Mid-cap index outperformed the frontline indices with an intraday rise of 0.67%.
Looking ahead to Friday’s trading session, experts provided insights into the potential market movements. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, mentioned that the short-term trend for Nifty remains positive, with expectations of reaching a new all-time high of 25,100 soon. Immediate support for Nifty was identified at 24,680. Dhupesh Dhameja, Technical Analyst at SAMCO Securities, highlighted the bullish breakout of the Bank Nifty index, indicating a strong upward trend supported by technical indicators.
Investors are eagerly awaiting US Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium. Powell’s remarks are expected to provide insights into potential interest rate cuts, with hopes for a rate cut in the upcoming September meeting. Siddhartha Khemka, Head of Retail Research at Motilal Oswal, suggested that the market may consolidate in the near term, with sectorial rotation and stock-specific actions driving market movements.
In terms of stock recommendations for the day, experts Sumeet Bagadia and Ganesh Dongre identified five stocks for potential investment opportunities. Sumeet Bagadia recommended buying Aarti Pharmalabs and Balu Forge, citing bullish momentum and technical breakout patterns. Ganesh Dongre suggested buying NLC India, RCF, and NCC, highlighting breakout levels and bullish reversal patterns in these stocks.
It is important to note that the views and recommendations provided by individual analysts are subjective and may not represent the views of the publication. Investors are advised to consult with certified experts before making any investment decisions.
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