Market Trading Guide: SBI Life Insurance among 5 stock recommendations for Monday
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over 1 year ago
Indian shares logged weekly gains on Friday after US boutique investment firm GQG Partners' $1.87 billion investment in Adani stocks spurred a broad-based rally and helped markets look past rate-hike worries for the moment. The Nifty50 index rose 1.57% to 17,594.35, while the S&P BSE Sensex closed 1.53% higher at 59,808.97. Both benchmarks posted their best day since November 11. Adani Enterprises, Adani Ports, SBI, Bharti Airtel, and SBI Life were the top Nifty gainers, while laggards from the pack included Tech Mahindra, UltraTech, Cipla, and Asian Paints.“On the daily charts, we can observe that the Nifty is in a pullback mode and currently retraced 38.2% of the fall from 18,134 to 17,255. We believe that there is more steam left to this pullback rally, and hence it can extend higher till 17,700, where resistance in the form of the 50% Fibonacci retracement level (17695) and the 20-day moving average (17703) is placed. Considering the sharp upmove in today’s trading session, consolidation cannot be ruled out. Overall, we expect the Nifty to trade in the range of 17700 – 17200 from a short-term perspective,” Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas, said.Here are stock recommendations for Monday
Economic Times