Indian Stock Market Update: Sensex and Nifty 50 Begin Financial Year 2024-2025 on Positive Note, Bank Nifty Hits Record High
Indian Stock Market Begins Financial Year 2024-2025 on Positive Note
The Indian stock market benchmark indices, Sensex and Nifty 50, have started the financial year 2024-2025 on a positive note. Both indices saw gains of over a percent in the month of April, setting a promising tone for the new fiscal year.
However, on Tuesday, the domestic equity indices experienced a fag-end selloff, leading to a lower close for the day. Despite hitting record highs on April 30, the Sensex ended 188.50 points lower at 74,482.78, while the Nifty 50 settled 38.55 points lower at 22,604.85.
The Indian stock market was closed on Wednesday, May 1, in observance of Maharashtra Day.
Looking ahead, market expert Sagar Doshi provided insights into the outlook for the Nifty 50 and Bank Nifty. Doshi highlighted that Nifty hit a fresh all-time high at the end of April, with a significant amount of short covering seen on index futures. He suggested that the Nifty could consolidate within a range of 22,550 and 22,800 for the upcoming week.
On the other hand, the Bank Nifty faced a drop of close to 750 points from its intraday highs on Tuesday, indicating a potential underperformance compared to the Nifty in the coming trading sessions. Doshi pointed out that the erosion of futures premium and completion of Fibonacci Extension targets for the Bank Nifty could lead to further downside for the index.
In terms of stock recommendations, Doshi highlighted three top picks for the next trading day – L&T Finance, Prestige Estates Projects, and Lupin. He provided specific buy levels, stop losses, and targets for each stock, emphasizing the bullish momentum and potential upside for these companies.
It is important to note that the views and recommendations mentioned in the article are those of individual analysts or broking companies, and investors are advised to consult with certified experts before making any investment decisions.
Overall, the Indian stock market’s performance at the beginning of the new financial year reflects a mix of positive gains and cautious outlook, setting the stage for an interesting week of trading ahead.