The Indian stock market ended its six-week losing streak as oversold conditions and positive global cues lifted investor sentiment. Both Nifty 50 and Sensex posted gains of nearly 1% for the week, though overall momentum remained subdued due to continued foreign investor selling. FIIs sold shares worth around ₹10,000 crore, while DIIs stepped in with strong buying of ₹19,000 crore. Sector-wise, pharma and auto led the recovery, while FMCG stocks underperformed.
Looking ahead, Sumeet Bagadia, Executive Director at Choice Broking, noted improved sentiment following back-to-back rallies, but cautioned that Nifty faces strong resistance at 24,650. A close above this could trigger a 100-point rally, with the broader range for Nifty seen between 24,000 and 24,800.
Bagadia advised a stock-specific strategy and recommended three picks:
- Maruti Suzuki – Buy at ₹12,936, target ₹14,300, stop-loss ₹12,300. The stock is consolidating and poised for a breakout, supported by strong volumes and bullish technicals.
- Bajaj Finserv – Buy at ₹1,925.10, target ₹2,130, stop-loss ₹1,830. The stock shows signs of reversal near key support.
- Power Grid Corp – Buy at ₹288.70, target ₹320, stop-loss ₹275. The stock is forming a bullish ascending triangle pattern.
