📷 Image Credits: Mint
The Indian stock market traded sideways on Thursday despite strong global market sentiments, with the Nifty 50 index ending marginally lower at 24,315. The BSE Sensex also shed 24 points to finish at 79,897, while the Bank Nifty index gained 81 points and closed at 52,270. The India VIX Index crashed over 3 percent and ended at the 14 mark. Looking at the outlook for Nifty today, experts are optimistic about the market’s potential. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, believes that a move above 24,500 could open the path to the next upside target of 24,900, with immediate support at 24,150. On the Bank Nifty front, Om Mehra, Technical Analyst at SAMCO Securities, highlighted that the index has slipped below its 10-day moving average and displays bearish trends. The key support level stands at 52,000. Siddhartha Khemka, Head – Retail Research at Motilal Oswal, emphasized that markets are trading sideways with sector and stock-specific actions remaining active during the Q1 results season and ahead of the union budget. The Indian stock market will see 11 companies declaring their Q1 results on Friday, including HCL Technologies and Vipul. Stock market experts have recommended buying five stocks: CESC, CMS Info Systems, Ashok Leyland, SBI, and Affle India, with detailed analyses and target prices provided for each stock.
