Indian stock market: India’s benchmark indices, the and Sensex, ended higher after a gap-down start, supported by a strong rebound in metal and banking shares.
The advanced about 223 points, or 0.28 per cent, to close above 81,200, while the Nifty 50 added nearly 57 points, or 0.23 per cent, to finish around 24,894.
Strong buying interest in metal stocks such as Tata Steel, Hindalco, and JSW Steel, coupled with solid performances from PSU banks and private banks like Kotak Mahindra Bank and Axis Bank, contributed to the market’s rebound throughout the day, believes experts.
Stock market next week
Sumeet Bagadia, Executive Director at Choice Broking believes that Indian stock market sentiment is cautious despite a decent pullback rally on Friday.
“However, it would continue to remain a relief rally until the index decisively breaks above the 50-day EMA resistance, placed at 24,900. On the lower side, the 50-stock index is forming a strong base at 24,500. A bullish or bearish trend can be assumed on the breakage of either side of this range. So, one should look at those stocks that are looking strong on the technical chart,” said Bagadia.
Stocks to buy
Sumeet Bagadia has recommended three stocks to buy on Monday, October 6. The three stock picks by Bagadia are – Vikran Engineering, Andhra Paper, and MMTC.
1] Vikran Engineering: Buy at ₹97.20 | Target Price: ₹105 | Stop Loss: ₹93.6
2] Andhra Paper: Buy at ₹85.3 | Target Price: ₹91.5 | Stop Loss: ₹82.2
3] MMTC: Buy at ₹69.6 | Target Price: ₹75 | Stop Loss: ₹67
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.