Buy or sell stocks: Indian equity benchmarks closed higher on Friday, supported by strong buying in banking heavyweights such as ICICI Bank, HDFC Bank and Axis Bank, as improving global sentiment lifted investor confidence.
Optimism in the markets was also aided by expectations of progress in ongoing peace negotiations between the United States and Iran, which helped improve risk appetite across global equities.
Both benchmark indices traded in positive territory throughout the session, although the upside remained limited due to elevated crude oil prices and growing concerns that persistent inflationary pressures could force central banks to maintain a tighter monetary policy stance.
The BSE Sensex ended the session at 75,415.35, gaining 232 points or 0.31%, while the NSE Nifty 50 settled 65 points, or 0.27%, higher at 23,719.30.
Meanwhile, global crude oil benchmark Brent crude surged more than 2% to trade above $105 per barrel as uncertainty continued around the prospects of a final US-Iran peace agreement. Despite multiple diplomatic efforts, key disagreements between both sides remain unresolved, keeping energy markets volatile.
On the currency front, the Indian rupee strengthened sharply against the . The domestic currency appreciated by 63 paise to settle at 95.73 per dollar.
Nifty Outlook
Sumeet Bagadia, Executive Director at Choice Broking, stated that on the daily timeframe, the formation of an inverted hammer-like candlestick pattern indicates selling pressure near higher levels despite buying interest from lower zones, reflecting cautious optimism in the near term.
From a technical perspective, immediate support is placed in the 23,400–23,450 range, while resistance is observed between 23,850 and 23,900 levels, he predicted.
“The Relative Strength Index (RSI) stands at 47.19, indicating gradual improvement in momentum though the index still trades below the stronger bullish zone. The volatility index, , remained unchanged at 17.82, suggesting stable market sentiment and controlled volatility. In the derivatives segment, notable call writing was seen at the 23,800 strike, followed by 24,000, while significant put writing was observed at 23,700 and 23,500 levels, indicating immediate support near lower levels with resistance continuing near higher strikes,” added the expert.
Bank Nifty Outlook
According to the Choice expert, on the daily timeframe, the formation of a bullish candlestick pattern reflects sustained buying interest and improving sentiment in the segment.
“From a technical standpoint, immediate support is placed in the 53,400–53,500 range, while resistance is seen in the 54,000–54,500 zone. The Relative Strength Index (RSI) stands at 45.87, indicating improving momentum though the index still trades below the stronger bullish threshold. Sustaining above immediate support zones will remain important for continuation of the recovery momentum,” Bagadia noted.
Furthermore, he noted that the recent price action suggests a positive trading session with both benchmark indices witnessing buying interest from lower levels and maintaining gains despite intermittent profit booking. Stable volatility along with bullish price action in Bank Nifty reflects improving confidence among market participants. Traders are advised to closely monitor key resistance zones, as sustained movement above these levels will be crucial to confirm stronger recovery momentum in the near term, suggested the expert.
Sumeet Bagadia’s stock recommendations today
Regarding stocks to buy on Monday, Sumeet Bagadia recommended these three buy-or-sell stocks: Wipro, Eicher Motors, and Nestle India.
Wipro
Buy in cash around 200-203 SL at 196 TGT at 213.
After a prolonged downtrend, the stock has started showing signs of recovery and is forming a Double Bottom pattern, which is considered a bullish reversal signal.
Additionally, the price has moved above its 50-day and 100-day Simple Moving Averages, indicating improving strength in the stock. The RSI (14) has also witnessed a positive crossover on the daily timeframe, adding further bullish confirmation for the near term.
Strong trading volumes were observed during Friday’s session, reflecting increased buying interest among traders. Based on the current technical setup, a bullish move is expected in Wipro. Investors may consider buying around ₹200– ₹203, with an upside target of ₹213 and a stop-loss at ₹196.
Eicher Motors
Buy in cast at 6980 SL at 6750 TGT at 7200-7300
The stock witnessed short-covering activity after a sharp decline last week. It found support near the 6,750 level during Wednesday’s session and eventually closed above 6,900 on Friday, indicating a recovery from lower levels.
This rebound suggests immediate base formation around the 6,750 zone. As long as the stock sustains above this key support level, a bullish move towards 7,200–7,300 levels can be expected.
Additionally, on the hourly chart, the stock has managed to hold above its 50-DEMA, which signals improving bullish strength in the near term.
Nestle India
Buy in cash at 1423 SL at 1380 TGT at 1465/1500
After a sharp 28% rebound from the March low of ₹1,166, the stock recently touched a fresh 52-week high near ₹1,498, reflecting strong buying momentum. The recent pullback appears healthy, as momentum indicators have cooled from overbought levels without affecting the overall uptrend.
The stock continues to trade comfortably above its 50-day and 200-day moving averages, indicating strong long-term support and sustained institutional confidence. Rising open interest during declines also suggests that traders are building fresh positions rather than exiting.
Based on the current technical structure, investors may consider buying at the CMP of ₹1,423, with a strict stop-loss at ₹1,380. On the upside, the stock has the potential to move towards ₹1,465 and ₹1,500 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.