Stock market today: Trade setup for Nifty 50 to RBI MPC meeting, five stocks to buy or sell on Friday — June 7
Stock market today: After the stock market crash on Tuesday, the Indian stock market extended its recovery for a second straight session on Thursday. The Nifty 50 index gained 201 points and closed at 22,821, while the BSE Sensex shot up 692 points and ended at 75,074.
The Bank Nifty index scaled 237 points northward and finished at 49,291. The broad market indices outshined the frontline Indian indices even as the advance-decline ratio rose to 6.29:1.Speaking on the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The short-term trend of the Nifty 50 index continues to be positive amidst high volatility.
Having recently moved above the hurdle of 22,250 levels (midpart of Tuesday'sTuesday's long bear candle), the Nifty could move towards the next upper hurdle of 23,200 (upper part of the long bear candle) in the near term. Immediate support for Nifty today is placed at 22,640 levels."Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 7On today's outlook for the Bank Nifty, Om Mehra, Technical Analyst at SAMCO Securities, said, "The Bank Nifty ended the session at 49,291.90, up by 0.48%.
It is currently holding above the 20-day and 50-day moving averages. The index closed above the 61.8% Fibonacci retracement, which remains at 49,180, providing a solid base.
The immediate resistance is placed at 49,700, and crossing this level might push the index to the 50,200 - 50,350 levels. The daily chart's Relative Strength Index (RSI) has yet to show a positive crossover; once this occurs, we can expect a stronger bullish momentum to follow."Asked about the reason for a rally on Dalal Street, Siddhartha Khemka, Head of Retail Research at Motilal
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