Indian stock market: After a six-day winning streak, profit booking at higher levels, concerns over trade negotiations, and a rise in crude oil prices dragged the Indian benchmark indices — and Nifty — lower on Friday. Banking stocks were the major laggards, with HDFC Bank accounting for nearly half of the decline.
The closed 344.52 points, or 0.41 per cent, lower at 84,211.88, while the Nifty 50 fell 96 points, or 0.37 per cent, to end at 25,795.15.
Broader markets also ended in negative territory but fared better than the benchmarks, with the BSE Midcap index slipping 0.25 per cent and the BSE Smallcap index easing 0.19 per cent.
Except for Nifty Metal and Nifty Realty, all other sectoral indices ended lower in today’s session. The metal index rose 1.03%, while the realty index gained 0.18%. In contrast, Nifty Private Bank, Nifty FMCG, and Nifty PSU Bank were the top losers, slipping 0.81%, 0.75%, and 0.74%, respectively.
Stock market next week
Sumeet Bagadia, Executive Director at Choice Broking believes that sentiment is cautiously positive as the Nifty 50 index is sustaining above the crucial support placed at 25,500.
“The 50-stock index may try to test this crucial support before bouncing back. On a possible looking rebound, the key benchmark index try to retest 26,300 levels,” said Bagadia.
Stocks to buy
Sumeet Bagadia has recommended three stocks to buy on Monday, October 26. The three stock picks by Bagadia are – Essar Shipping, Vaswani Industries, and Filatex India.
1] Essar Shipping: Buy at ₹32.12 | Target Price: ₹34.5 | Stop Loss: ₹31
2] Vaswani Industries: Buy at ₹63.12 | Target Price: ₹67.65 | Stop Loss: ₹60.8
3] Filatex India: Buy at ₹58.4 | Target Price: ₹62.5 | Stop Loss: ₹56.4
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.