Stocks in focus: Ruchit Jain of 5paisa recommends buying Indian Hotels, and Cholamandalam Investment today
Stock Market News: The domestic benchmark indices, the Sensex and Nifty 50, started off Tuesday's session with minor gains amid mixed global cues. Reliance Industries and HDFC Bank both saw buying, and the monsoon outlook was favourable.The 30-share BSE Sensex opened up by 194.90 points, or 0.26%, at the 75,585.40 level, while the Nifty 50 started off at the 22,977.15 level, up 44.70 points, or 0.19%.Nifty 50 is predicted to continue its upward trajectory, said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, as per PTI news report.
However, significant events like the GDP report, the exit poll findings, and the May F&O expiration might have an impact on the market. Forecasts for a good monsoon are probably going to help boost economic development and agricultural productivity.Also Read: Sensex Today Live Updates: Sensex, Nifty trade muted, amid volatility; Health, Pharma gain, Auto, IT, Realty, Cons.
downOur markets started the week on a positive note and the Nifty 50 rallied higher to surpass 23,100 level. However, we witnessed some profit booking during the end of the session and Nifty 50 gave up all the gains to end below 2,2950 with a marginal loss, said Ruchit Jain, Lead Research Analyst at 5paisa.Nifty 50 resisted around the rising trendline hurdle and witnessed some profit booking towards the end.
The banking space continued to outperform and is catching up for the recent underperformance. India VIX rallied higher and tested 26 level during the day, which is expected to remain high till the outcome of the election results.While the daily RSI remains positive, the oscillator on the lower time frame chart has shown signs of pullback from the overbought zone.
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