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The stock market today saw the domestic benchmark indices, Nifty 50 and Sensex, reaching fresh record highs but faced profit-booking at high levels. While the Nifty Midcap 50 and Smallcap Index lagged behind, Bank Nifty outperformed, scaling a new all-time high.
Vinod Nair, Head of Research at Geojit Financial Services, stated that the market began positively due to an accurate monsoon forecast but slowed down. The banking sector, despite being a laggard year-to-date, is outperforming with increased FII inflows.
Prashanth Tapse, Research Analyst, highlighted the trading theme focusing on markets betting on a soft landing in the US. Immediate targets for Nifty 50 are at 23,750 and 24,000 marks, with a crucial support at 23,350.
Stock experts recommended buying State Bank of India (SBI) at ₹852.60, with a target price of ₹905. Infosys was advised at ₹1,511.35 with a target price of ₹1,590. Ganesh Dongre suggested buying Kotak Mahindra Bank at ₹1,744 with a target price of ₹1,790. Buy recommendations were also given for Adani Ports and Special Economic Zone, Carborundum Universal, and more. Disclaimer: The views and recommendations are of individual analysts, experts, and broking companies.
