The Nifty 50 concluded with bulls in complete control and a comfortable gain, while Nifty PSU Bank and Nifty PSE indexes were the top performers, rising 3% apiece. Nifty smallcap and Nifty midcap 100 both increased 1%, indicating an outperformance of the broader market. After a brief lull, PSU stocks continued their upward trend, providing a positive outlook for the stock market.
Oil & Gas witnessed a substantial rise owing to noteworthy quarterly outcomes, enhanced GRM, and anticipated robust development in India’s oil consumption in the future, according to Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd. The end of the Q3 result season signals a shift to fundamentals and economic macro data, with domestic equities taking support from better-than-expected inflation.
In light of these developments, SVP – Technical and Derivatives Research at Axis Securities, Rajesh Palviya provided some stock recommendations. Federal Bank has seen a long build-up with a 7% increase in open interest and a price gain of 5%, with strong support and resistance levels. Palviya also recommended NOCIL Ltd and Mahindra & Mahindra (M&M) Ltd for investors to buy, hold, and accumulate, providing expected upside and downside support zones for each stock.
The stock market continues to show signs of growth and positive trends, with analysts providing detailed insights and recommendations for investors. While these recommendations provide valuable insights, it’s important for investors to consult with certified experts before making any investment decisions.
Overall, it’s clear that there are positive developments in the stock market, with strong performances from various sectors and companies. As the market continues to evolve, it’s essential for investors to stay informed and seek professional advice to make well-informed investment decisions.
