Stocks to buy: NOCIL to Axis Bank - ICICI Direct suggests 5 shares with up to 8% upside
Indian stock market: The Indian stock market benchmark index Nifty 50 ended its five-session winning streak on Wednesday, June 19, due to profit-taking at higher levels.The Nifty 50 reached a new peak of 23,664 during the session but retreated from those levels to close down 42 points, or 0.18%, at 23,516. During the session, the 30-share Sensex reached a new peak of 77,851.63 but closed with a modest increase of 36 points, or 0.05%, settling at 77,337.59, with 20 stocks closing lower.“Nifty started the week with a positive gap and traded in a range throughout the session amid positive bias.
The daily price action formed a small bear candle carrying higher high-low, indicating continuance of positive momentum. Boarder market relatively outperformed and endured its record setting spree.
Going ahead, we expect index to endure its northbound journey and gradually head towards 23800 in coming weeks. In the process, temporary breather after 11% rally (from June low) cannot be ruled out.
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