Stock in focus: Rajesh Palviya of Axis Securities recommends Gujarat Gas, Triveni Engg, and CanFin Homes today

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Stock Market News: Domestic equity benchmark indices, the Sensex and the Nifty 50, began lower on Friday, dragged down by information technology (IT) stocks, while Adani-backed Ambuja Cements rose after buying competitor Penna Cement Industries. IT stocks fell 0.77% after rising 1% the previous day on increased prospects of US interest rate cuts.The Nifty 50 has risen by approximately 0.3% this week, reaching record highs in three of the five sessions and building on a 3.4% gain last week when the national elections secured political continuity.The 30-share BSE Sensex opened lower by 169.18 points or 0.22% at 76,912.38 level while the Nifty 50 began at 23,464.95 level, down 35.30 points or 0.15%.Also Read: Sensex Today Live Updates : Sensex touches 77k before turning red, Nifty down; Ambuja Cements, Brigade Enterprises gainDr.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, indicated that the market is expected to remain range bound in the near term due to the lack of big triggers till the budget. Because values are high, particularly in the broader market, any big increase will prompt FIIs to sell.

If the market falls, DIIs and individual investors will use a buy-on-dips technique that has proven effective in this market.The benchmark index has registered an all-time high at 23,481, representing bullish sentiments. Since the past four consecutive sessions, the benchmark index continues to consolidate within 23,400-23,200 levels, indicating a short-term consolidation range.

Hence, any extensive breakout may indicate further direction. The short-term traders are advised to follow the 23,200 level as an important support zone.