Benchmark Sensex and Nifty spurted over 1% on Monday following hectic buying in IT, oil and gas and banking shares bolstered by firm global trends. Rising for a second straight session, the 30-share BSE Sensex rallied 760 points to settle at 54,521 while the Nifty advanced 1.4% to 16,278.5.
In the broader market, the BSE midcap gauge jumped 1.4% and smallcap index climbed 1.3%. The Nifty IT index, which is down more than 30% this year, gained 3.2%. Nifty Metal rose by 2.4%, Banking by 1.9% and Consumer Durables by 1.4%. Market breadth was positive as of the total 3,612 share traded on BSE, 2,350 scrips advanced while 1,095 stocks declined.
Meanwhile, the rupee slid to the 80 level against the US dollar for the first time in intra-day trade on Monday. India’s benchmark 10-year bond yield ended largely flat at 7.44%.
Day trading guide for stock market today
“The short term trend of Nifty is positive. Having placed at the edge of upside breakout of the hurdle 16200-16300 levels, one may expect further upside in the market for short term. The next upside levels to be watched around 16500-16600 in the near term. Immediate support is placed at 16200 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Stocks to buy today as recommended by analysts –
Rajesh Bhosale, Technical Analyst, Angel One Ltd
Amara Raja Batteries: Buy AMARAJABAT, stop loss ₹470.2, target ₹500
Godrej Industries: Buy GODREJIND, stop loss ₹442, target ₹464
Mehul Kothari, AVP-Technical Research at Anand Rathi
Muthoot Finance: Buy Muthootfin, stop loss ₹1030, target ₹1,400
Indiamart: Buy Indiamart, stop loss ₹4,010, target ₹4,230
Sumeet Bagadia, Executive Director at Choice Broking
Aditya Birla Capital: Buy ABCAPITAL, stop loss ₹91, target ₹100-102
Tata Power: Buy Tata Power, stop loss ₹221, target ₹235-240
Avinash Gorakshkar, Head of Research at Profitmart Securities
ICICI Bank: Buy ICICI BANK, stop loss ₹756, target ₹800
Hindalco: Buy HINDALCO, stop loss ₹353, target ₹397
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
