Stock market today: Trade setup for Nifty 50 to RBI MPC, five stocks to buy or sell on Thursday — June 6
Stock market today: The Indian stock market rebounded significantly, erasing the previous day's losses and closing higher. The Nifty 50 index surged by 735 points to close at 22,620, while the BSE Sensex skyrocketed by 1303 points to finish at 74,382.
The bank Nifty index also saw a substantial increase, ending 2126 points higher at 49.054. In the broader market, the mid-cap index outperformed the frontline Indian indices, with the advance-decline ratio rising sharply to 3.49:1.For the Nifty, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, suggests that the index has moved above a crucial hurdle and closed higher.
He points out that the next crucial hurdles to be watched are around 23,200 levels, and expects the volatility to continue in the short term with immediate support at 22,300 levels.Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 6On the outlook for the Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities, said, "Bank Nifty rebound by 4.08%, recovering nearly half of yesterday's fall, and settled at 49,054.60. The index formed a bullish inside bar on the daily timeframe.
The index concluded above its 20-day and 50-day moving averages. On the hourly chart, support is indicated at 47,300 levels, while resistance is placed at 49,650, followed by 50,050.
A pullback towards the 48,500 zone presents a good buying opportunity for the short-term traders."Speaking on the triggers driving the Indian stock market, Siddhartha Khemka, Head of Retail Research at Motilal Oswal, said, "Expectation of healthy monsoon is driving buying interest in FMCG and Auto stocks. The narrative around government formation and RBI monetary policy would take centre stage in
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