Here’s a rundown on today’s stock market and stocks to watch for tomorrow.
Nifty declined in the first half of the session after Monday’s flashback. However, the index recouped early losses to reach a day’s high of 17,334, defending levels over 17,000 in the process.
After an 11 percent comeback from the previous low, the upward gap that the Nifty established on March 17th remains intact, implying an imminent floor near 17,000 and so modest consolidation cannot be ruled out.
With all of its components in the green, the IT Index outperformed. The Nifty Oil & Gas index continued to rise, while the Pharma and FMCG indexes lacked the necessary upward momentum.
The auto index has recovered from its support zone, and a stock-specific rise in the auto sector is probable.
Our foresight of tomorrow’s gainers:
LIC Housing Finance
Buy near Rs 362
Stop loss: Rs 352
Target: Rs 385
The stock has been going upward over the previous few weeks. At this point, the presence of a bullish candle assures a range change to the upside.
CGPower
Buy near Rs 173
Stop loss: Rs 163
Target: Rs 195
The stock has been going upward over the previous few weeks. At this point, the presence of a bullish candle assures a range change to the upside.
The stock has recovered upward momentum after falling 26% from its peak in January. Sustenance over 165 might push the stock up to the 195 zones.
Foresight India
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