Stock market today: Domestic benchmark indices, Nifty 50 and Sensex increased, as investors bought financial stocks for banks after reducing the deposit buffer rate.
As 11:15 IST, the Nifty 50 increased by 0.38%, reaching 24,216.15, while Sensex rose 0.40% to 79,724.99. On Monday, the Reserve Bank of India (RBI) directed the lenders to implement a minimum-and-fabriced buffer rate of 2.5% on digitally connected deposits, allowing a period of one year for compliance. The Central Bank also reduced the ‘run-off’ factor for wholesale deposits from non-financial institutions, such as partnership firms and trusts, from 100% to 40%.
Kotak Mahindra Bank and HDFC Bank experienced an increase of 2.3%and 2.1%respectively, increasing the financial by 1%. The metals saw a growth of 1% after a temporary safety duty accusation to limit low -cost shipments, especially to limit a low -cost shipment from China. In contrast, it was drowned 0.5% after the shares experienced more than 2% increase in the pre -session.
Market scenes – Riyak Arora, Technical Analyst, Mehta Equity Limited
Nifty 50
The Nifty 50 has given a break above its 200 -day moving average and successfully managed to close above 24,000. Given the current market trend, we feel that 24,000 should now serve as a major support on any bridge-back. Technically, 24,200 and 24,300 are significant resistance to viewing the upper side. Overall, the market is expected to stay in the bulls grip and someone should focus on buying a dip.
Bank nifty
The bank has gone above its all -time high resistance mark of Nifty 54,467 and is managing it well above that. Given its current technical structure and trend, we feel that bank Nifty should move towards 56,000 and 56,500 odd levels. Here a strict stoploss should be placed at 55,000 marks to manage the risk well.
Riank Arora recommended these three shares in the short term – Suzlon Energy, SJVN and Tata Technologies.
Suzalon Energy
Buy | CMP: 59 | Sl: 55 | Target: 70
Suzlon share price is showing strong price action, above its major support 55. Stock is constituting high climbing, which indicates the purchase of pressure at the lower levels. Confirming the interest of growing investors, volumes are constantly growing. With speed in renewable energy space, Suzlon looks well deployed for a step 70. Until 55 is preserved, the trend supports positive and upside down.
SJVN
Buy | CMP: 100 | Sl: 95 | Target: 115
SJVN share price is consolidating over your breakout zone 98–100 and major moving average. Stock has shown constant strength with supporting versions, signalling accumulation. It belongs to the power sector, which is currently focusing strong investor due to policy assistance and high demand expectations. If 95 level holds can rally towards SJVN 115 in short term. The structure remains rapid and there is a favor to buy on dips.
Tata technologies
Buy | CMP: 703 | Sl: 690 | Target: 740
Tata Technologies share price has shown signs of recovery after a brief pullback and now the pass is getting strong support. 690. Stock is trading with improving speed, and technical indicators such as RSI are changing again rapidly. Being part of auto and technical subjects, it is likely to benefit from the strength of the broader area. A breakout above 710 can move towards uptrend 740. The setup looks attractive to short -term benefits with limited negative risk.
Disclaimer: The above views and recommendations belong to separate analysts, experts and broking companies, not Taaza Khabar 247. We recommend investors to investigate with certified experts before taking any investment decisions.
