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The Indian stock market saw positive movement with the Nifty 50 index gaining 66 points last Friday, closing at 23,465, while the BSE Sensex surged 181 points to end at 76,992. Cash market volumes on the NSE were higher at Rs.1.35 lakh crore. The Bank Nifty index finished 155 points higher at 50,002, indicating a positive bias. Despite a small decline in the advance-decline ratio, the market remained in a positive state.
Analysts have provided insights on the trade setup for the upcoming days. Nagaraj Shetti from HDFC Securities stated that the Nifty is showing range-bound action within 23,300 to 23,500 levels, with no clear breakout signs yet. A move above 23,500 levels could signal an upside breakout, while a drop below 23,300 may lead to a downside breakout.
Ashwin Ramani from SAMCO Securities analyzed the Bank Nifty’s performance, noting a recovery from initial setbacks to close at 50,002, up 155 points. Both put and call writers at the 50,000 Strike are actively participating, indicating a potential direction for the Bank Nifty in the near term.
In terms of stock recommendations, experts have advised on potential buy opportunities. Sumeet Bagadoa, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi; and Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, have shared a list of stocks for traders to consider buying based on technical analysis.
Among their recommendations, Emami, UTI AMC, Tata Consumer, Radico Khaitan, Ramkrishna Forgings, EIH, Data Patterns, and Amara Raja Energy have all been identified as stocks with potential for growth. Traders are advised to conduct thorough research and consider consulting with experts before making investment decisions.
