Indian stock market: India’s benchmark Sensex and Nifty 50 indexes ended modestly on Friday after the Reserve Bank of India (RBI) decided to keep the repo rate at 6.5% in its seventh consecutive policy meeting. Ta. The decision signaled continued stability in the domestic stock market, which recorded three consecutive weeks of gains, mainly influenced by the performance of financial sector stocks.
“If headline inflation progresses as expected, the first rate cut could only occur in October. RBI plans to continue to manage liquidity more aggressively this fiscal year as the interbank liquidity surplus has been significantly subdued compared to the previous fiscal year, which is in line with its policy stance.On the inflation front, the MPC He expressed caution about domestic and international climate shocks that could cause price increases. Similarly, prevailing geopolitical tensions could disrupt global supply chains and lead to higher prices for commodities, especially oil. Considering the same, we believe that the MPC may postpone the rate cut action till October 2024,” said Vikram Kasat, head of advisory at Prabhudas Lilladhar.
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During Friday’s trading session, the Sensex experienced modest gains and touched an all-time high of 74,248 following the RBI MPC announcement. On the contrary, the Nifty 50 ended the week on a positive trajectory by closing flat but hitting new all-time highs.
On Friday, Nifty 50 fell marginally by 0.95 points or 0% to close at 22,513.70. Meanwhile, the 30-share BSE Sensex registered modest gains to close 20.59 points (0.03%) lower at 74,248.22 levels.
Prabhudas Lilladher’s Technical Stock Picks by Vaishali Parekh –
Nikaa: Purchase at INR169 | Target price: INR195 | Stop loss: INR158
NYKAA witnessed a decent correction from 195 to 145 levels, with a double bottom formation taking place in an attempt to recover, indicating potential and strength for further upside in the coming days. The RSI has recently shown a trend reversal that is a buy signal, supporting our view of a positive bias. We see significant volume participation, so we recommend buying this stock with a stop loss at 158 and an upside target of 195.
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NBCC: Purchase at INR135 | Target price: INR159 | Stop loss: INR124
The stock has been gaining strength since the consolidation was witnessed, and a decent pullback staying above the key level of the 50 EMA at 119 has improved the bias to expect further upside in the coming days. The RSI is trending upwards, which is already indicating a trend reversal, and there is a strong possibility that it will continue to trend higher in the future. We recommend buying the stock with a stop loss of 124 and an upside target of 159.
Disclaimer: The views and recommendations expressed above are those of individual analysts, experts, and brokerages and are not the views of Mint. We recommend checking with a certified professional before making any investment decisions.
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Published: April 7, 2024, 4:59 PM IST
