Stock Market Update: Market experts are expecting a boom on these three stocks. Know, apart from ITC, there are other names in the list of these three.
Stock Market Update: Three stocks are giving new dreams to investors in the stock market. Market experts are relying on these three stocks. Know, apart from ITC, there are other names in the list of these three.
What happened in the markets last week?
The Nifty index closed at 24,852 last week, comfortably within the expected support zone of 24,800-24,900. The index witnessed a lot of volatility throughout the week, swinging between 24,800 and 25,400. Nifty indicates a sustained close above the key support level of 24,600. Which may lead to continuation of the bullish trend with the possibility of testing the resistance level in the 25,200 to 25,500 range.
Where is the support for Nifty?
Market participants are closely watching whether the Nifty can maintain its position above 24,600, as sustaining this level could signal further bullish momentum. Nifty support for the immediate future is now pegged at 24,600.
Weekly Trading Overview
The week may have started with a gap-up opening on Monday, where the index initially reached the resistance level of 25,500. The trading pattern throughout the week consisted of various stock-specific activities, with the Nifty trading in the range of 24,800 to 25,500. Technically, the Nifty is currently in the oversold zone. Looking at the next week, key support levels are expected to remain around 24,500 to 24,600, while resistance is expected to remain around 25,200.
Bank Nifty Performance
On Monday, Bank Nifty may also experience a gap up opening and try to test the 52,000 registration zone. It booked its profits towards the end of the week and closed below the support level of 51,000.
What could happen here
Technically, Bank Nifty has formed a bearish flag pattern, which indicates a possible decline. The key support for this downward range is seen at 49,500, while immediate resistance is identified at 52,000. Further resistance in Bank Nifty is at the 53,500 mark.
Stocks to buy on Monday
1] Hindustan Unilever: Buy at ₹2840 | Target price: ₹2950 | Stop loss: ₹2760
2] ITC: Buy at ₹502 | Target price: ₹530 | Stop Loss: ₹485
3] Zomato: Buy at ₹260 | Target Price: ₹285 | Stop Loss: ₹245
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