Indian Benchmark indexes closed more than 1% higher on Monday after three straight sessions of losses. Sensex reclaimed the 60,000 level by rallying 831 points or 1.4% to close at 60,138 on Mondau. Similarly, the NSE Nifty rose 258 points or 1.4% to 17,929.6.
IndusInd Bank stole the show in the Sensex pack, surging more than 7%, followed by Bharti Airtel, HCL Tech, Tata Steel, Tech Mahindra, Dr Reddy’s and SBI. Bajaj Finserv, M&M, Nestle India and Reliance Industries were the top laggards.
Trade view for Nifty
After showing a sharp weakness in the last couple of sessions, Nifty came back strongly on Monday and closed the day with hefty gains of 258 points.
“Monday’s sharp upside bounce could be an indication of strong comeback of bulls from the lows. But, having formed a negative chart pattern recently, we expect this pull back to halt around 18100-18200 levels before showing another round of weakness from the highs. If the hurdle of 18200 gets broken decisively on the upside, then the present negative chart pattern could be nullified and the market could continue with further upside,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Stocks to buy today as recommended by analysts –
Sumeet Bagadia, Executive Director at Choice Broking
Hindalco: Buy Hindalco, Stop loss 465, Target 500
Tata Power: Buy Tata Power, Stop loss 210, Target 250
Mudit Goel, Senior Research Analyst at SMC Global Securities
Birlasoft: Buy BSoft, Target 428, Stop loss 404
Ravi Singh, Head of Research & Vice President, ShareIndia
SAIL: Buy SAIL at 125, Target 135, Stop loss 122
ITC: Buy ITC at 225, Target 232, Stop loss 222
Manoj Dalmia, Founder and Director, Proficient Equities Limited
Sun TV: Buy Sun Tv at 591, Target 636, Stop loss 579
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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