Stock Market Update: Nifty and Sensex Close Lower, Q1 Results Awaited, Expert Stock Picks for Today
Indian stock market ended lower on Monday with the Nifty 50 index finishing marginally lower at 24,320 and the BSE Sensex ending 36 points southward at 79,960. The Bank Nifty index also lost 234 points and closed at 52,425. Cash market volumes on the NSE were down 7 percent to ₹1.45 lakh crore, with the broad market indices falling more than the frontline indices.
Looking ahead to Tuesday’s trading session, experts shared their insights. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, mentioned that the short-term trend of Nifty remains positive, with a possibility of range movement before a potential upside move above 24,400. Om Mehra, Technical Analyst at SAMCO Securities, highlighted that Bank Nifty has been range-bound and could see a breakout soon.
Intraday trading strategies were also discussed, with Rajesh Bhosale, Equity Technical Analyst at Angel One, pointing out notable stock-specific rotations and opportunities in sectors like FMCG and OIL & GAS.
Six listed companies are set to declare their Q1 2024 results on Tuesday, including Delta Corp, GM Breweries, Eraaya Lifespaces, RS Software, Rajnish Wellness, and Ventura Textiles Corporation.
For investors looking for buy or sell ideas, experts like Sumeet Bagadia and Ganesh Dongre recommended stocks such as National Aluminium Company, Zuari Industries, Bajaj Auto, Ashok Leyland, and Bank of Baroda. These recommendations were based on technical analysis and market trends.
It is important to note that the views and recommendations provided by analysts are their own and investors are advised to consult with certified experts before making any investment decisions.
