On the weekly expiry day of the Nifty, the stock market showcased a consolidation mood. The Nifty experienced a range of just 70 points, while the Nifty Bank was contained within a 160-point range. Heavyweight shares like Reliance and HDFC Bank provided some support for the second consecutive day, ensuring the market’s stability.
Midcap indices, too, displayed impressive performance, standing out amid the broader trends. The metal sector experienced bullishness for the third consecutive day. Specifically, the Nifty Metal index climbed by nearly 1%. In this sector, NMDC’s stock was the top performer, surging by over 6%. Other shares like NALCO, HIND COPPER, and SAIL also showed trading on the positive side, reflecting the strength of the metal segment.
However, after mixed results, TCS, one of the IT giants, faced a pressure of almost 1.5%, indicating a slight dip in its performance. On the flip side, shares of GAIL and Mahindra & Mahindra saw active buying. Dealers, aiming to capitalize on short-term gains, encouraged purchases in these two stocks.
According to Yatin Mota of CNBC-Awaaz, sources from dealing rooms revealed that dealers advised their clients to place bets on shares of certain government enterprises today. Specifically, they recommended buying GAIL’s stock. The dealers possess a positional buying advice on this stock, expecting its target levels to be around 135-145. The word in the market suggests that Foreign Institutional Investors (FIIs) have started purchasing these shares. Moreover, the stock witnessed a new open interest with about 71 lakh shares.
For another stock recommendation, dealers pointed towards a prominent auto company. They suggested their clients consider a buy-today-sell-tomorrow (BTST) strategy for this stock, anticipating a target price range of 1610-1625. Market insights hint that domestic funds have shown interest in buying this particular share.
The stock market displayed a mixed bag of trends. While some sectors showcased bullish trends, others remained in consolidation. Amidst this, dealers’ suggestions and insights remain crucial for traders looking to capitalize on market opportunities.