Nifty and Sensex Break 8-Day Losing Streak: What’s Next for Indian Markets?
India’s benchmark indices, the Nifty and Sensex, ended their eight-day losing streak, led by private banks, auto, and IT stocks. The broader Nifty closed Wednesday’s session with a strong bullish candlestick following the RBI policy outcome and auto sales data.
Technical Analysis: Nifty Reclaims 100-Day EMA
Commenting on the day’s action, Vatsal Bhuva, Technical Analyst at LKP Securities, said the Nifty reclaimed levels above its 100-day EMA at 24,750, which had previously acted as resistance. ‘The index has also retraced 61% of the Fibonacci move between the September 1 low and September 18 high at 25,453. On the derivative front, heavy put writing at 24,700–24,800 suggests a higher base, with maximum OI at 25,000. Overall, sentiment has turned positive, with support at 24,700 and resistance at 25,000–25,100,’ Bhuva added.
Top Stocks to Buy: Hindustan Zinc, Fortis Health, and More
Based on technical analysis and market trends, here are the top stocks to buy for up to 9% gains:
- Hindustan Zinc: With a strong outlook for the zinc industry, Hindustan Zinc is a top pick for investors.
- Fortis Health: The healthcare sector is expected to see significant growth, making Fortis Health a promising investment opportunity.
- ITC: As a diversified conglomerate, ITC is well-positioned to benefit from the growing Indian economy.
- Larsen & Toubro: With a strong order book and growing infrastructure sector, Larsen & Toubro is a top pick for investors.
Market Outlook: What to Expect in the Coming Weeks
As the Nifty and Sensex continue to consolidate, investors should keep a close eye on key economic indicators, including GDP growth, inflation, and interest rates. The upcoming Q2 earnings season will also be crucial in determining market sentiment.
With the RBI policy outcome and auto sales data supporting the market, investors can expect a positive trend in the coming weeks. However, it’s essential to maintain a cautious approach and keep a close eye on global market trends.
Conclusion: Stay Ahead with the Latest Market Updates
Stay ahead of the curve with the latest news, analysis, and updates from the Indian stock market. Our expert team provides in-depth coverage of the Nifty, Sensex, and top stocks, helping you make informed investment decisions.
For more information on the top stocks to buy and sell, contact us or visit our website for the latest market updates.
