India stock market: The Indian stock market benchmarks, Sensex and Nifty 50, closed with slight gains on Friday, May 31, breaking the pattern of losses from the preceding five sessions. The Sensex concluded the session with a 0.10 percent rise, gaining 76 points to reach 73,961.31, as 15 stocks saw an increase. Meanwhile, the Nifty 50 ended 0.19 percent higher, adding 42 points to reach 22,530.70, with 26 stocks showing gains.
Recently, the domestic stock market has faced challenges due to apprehensions surrounding the Lok Sabha election of 2024. Various factors such as significant capital outflows by foreign institutional investors (FIIs), fluctuating global indicators, diminishing expectations of rate reductions, and worries over geopolitical conflicts have contributed to the current subdued market sentiment. However, on Friday, there was a resurgence of buying interest in the domestic market, leading to positive closes for benchmark indices as well as mid and small-cap indices.
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Stock market today
On the outlook for the Nifty today, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi said, “On the nifty front, we are now closed at the level of 22800–22900 zone, as market is awaiting for lok sabha election outcome so for upcoming days momentum will be sideways for the nifty. As per today’s chart pattern, we have seen the gap up opening and nifty continue its bullish trend for the rest of the day so at the end of the day Nifty closed in positive territory. So, on the nifty front, we may see range bound momentum in the upcoming trading session. So nifty support stands at 22300-22400 level and resistance stand at 23100-23200 level.”
On the outlook for the Bank Nifty today, he added, “on the other hand, on the bank nifty front, we have seen a gap-up up opening today, and continue its bullish trend for the whole day, so for the upcoming trading session, bank nifty support will be at the 48000 level and resistance will be at the 49500 level.”
Anand Rathi’s stock picks for today
Dongre provides his expert analysis and recommendations for the Nifty 50 index. For day trading stocks, he recommends three shares to buy today — BEL, Sundaram Fasteners and REC Ltd.
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Stocks to buy
1] Bharat Electronics Limited: Buy at ₹290-295 | Target Price: ₹330 | Stop Loss: ₹275
2]Sundaram Fasteners: Buy at ₹1190 | Target Price: ₹1350 | Stop Loss: ₹1120
3]REC Ltd: Buy at ₹535 | Target Price: ₹625 | Stop Loss: ₹490
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
