📷 Image Credits: Mint
The stock market in India opened today with the domestic benchmark indices, the Sensex and the Nifty 50, hitting record highs, in line with positive global equity markets. The recent soft retail sales data in the United States has predicted an early rate cut by the Federal Reserve, boosting market sentiments.
At 9:15 IST, the Nifty 50 rose by 0.31% to 23,629.85, while the Sensex rose by the same margin to 77,543.22. Higher highs and higher lows indicate a strong bull movement in the Nifty, with four consecutive record highs. Net institutional activity has improved with both FIIs and DIIs becoming purchasers.
The recommendation of top stocks by Sagar Doshi includes three key picks for Wednesday: Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC), Avenue Supermarts Ltd (DMart), and Coforge Ltd.
For GNFC, the stock has shown a sloping trendline breakout with strong support at the 200 DMA, indicating further upside potential. Similarly, DMart has broken out from a 10-week long consolidation period, reaching a fresh 2.5-year high. Consumption-related stocks, including DMart, have been performing well in the market. Coforge Ltd has also exhibited positive momentum, crossing key moving averages and showing potential for a 5-7% upside.
Overall, the market outlook remains positive for these stocks based on technical analysis. Investors are advised to consult with financial experts before making any investment decisions. Stay tuned for more updates on stock recommendations and market insights on HeadlineFly.com.
