Indian stock markets continued their upward trajectory on Monday, fueled by a positive market sentiment. The Nifty 50 index gained 189 points to end at 22,336, while the BSE Sensex surged by 560 points to close at 73,648. The Bank Nifty index also rose significantly, closing 350 points higher at 47,924.
The broader market indices outperformed the Nifty 50, with the advance-decline ratio indicating a bullish trend. Anand Rathi’s Ganesh Dongre expressed optimism about the market, stating that the positive trend could continue if the Nifty 50 holds above the support zone of 21,800-21,900.
Dongre further noted that the market bias could improve if the Nifty 50 breaches the resistance zone of 22,500-22,600 on a closing basis. He also recommended three stocks for investment:
– MCX: Buy at 3900, target 4050, stop loss 3840.
– HCL Tech: Buy at 1468, target 1520, stop loss 1440.
– RCF: Buy at 145, target 152, stop loss 138.
For the Nifty today, Dongre suggested a support level of 21800-21900 and a resistance level of 22500-22600. He also mentioned that the Bank Nifty’s support and resistance levels are 47400-500 and 48500, respectively.
