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Indian Stock Market Awaits Bounce Back as Analysts Eye Crucial Support Levels

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After four consecutive sessions of weakness, the Indian stock market exhibited a flat closing on Monday, leaving investors eager for signs of a potential rebound. The Nifty 50 index managed a marginal gain, closing at 19,674 levels, while the BSE Sensex edged up by a mere 14 points, settling at 66,023. On the brighter side, the Bank Nifty index recorded a gain of 154 points, concluding at 44,766 levels. In the broader market, small-cap stocks inched up by 0.12%, while mid-cap stocks surged by 0.46% during Monday’s trading.

Analysts are closely monitoring the market’s near-term support levels, with Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, offering insights into the outlook for Tuesday’s trading. Parekh emphasized that Nifty’s critical support is situated within the range of 19,600 to 19,550 levels. According to her, a potential bounce-back in the market can be anticipated as long as Nifty remains above this crucial support zone.

For those seeking trading opportunities, Parekh recommended three intraday stocks for Tuesday: Shriram Finance, TVS Motor, and RailTel.

Vaishali Parekh’s Stock Recommendations:

  1. Shriram Finance: Buy at ₹1945, target ₹2020, stop loss ₹1915.
  2. TVS Motor: Buy at ₹1515, target ₹1580, stop loss ₹1490.
  3. RailTel: Buy at ₹228, target ₹244, stop loss ₹224.

Parekh’s insights also extend to the Nifty 50 index and Bank Nifty index. She highlighted that Nifty managed to maintain support near the 19,600 zone amid intraday volatility, with a recovery to 19,730 levels by the end of the day. The index’s crucial near-term support lies around 19,550 levels, coinciding with the significant 50EMA.

On the other hand, Bank Nifty maintained support near 44,400 levels and experienced a respectable pullback towards the 44,930 zone, encountering resistance before closing at approximately 44,750 levels. Parekh stressed that the Bank Nifty index has a crucial support zone at 43,600 levels and could potentially witness further gains if it decisively breaches the 45,000 level.

In summary, the support and resistance levels for the day are as follows: Nifty 50 – Support at 19,550 levels, Resistance at 19,800 levels; Bank Nifty – Daily range of 44,400 to 45,000 levels.

Investors are advised to exercise caution and consult certified experts before making any investment decisions.

News Summary:

  • Indian stock market closes flat after four days of weakness.
  • Nifty 50 index maintains support near 19,600, with a crucial support zone at 19,550.
  • Bank Nifty index shows signs of improvement, holding support near 44,400 levels.
  • Analyst Vaishali Parekh recommends intraday stocks: Shriram Finance, TVS Motor, and RailTel.
  • Investors cautioned to verify investment decisions with certified experts.
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