Trade setup for Nifty 50, Indian stock market today after exit poll, five stocks to buy or sell on Monday
Stock market today: After the end of Lok Sabha Election 2024 on Saturday last week, and most of the Exit Polls predict the third term for the Narendra Modi government in New Delhi, the Indian stock market is expected to remain volatile on Monday. On Friday last week, frontline Indian indices ended marginally higher after erasing most of its early morning losses.
The Nifty 50 index finished 42 points higher at the 22,530 mark, while the BSE Sensex ended 75 points northward at 73,961. The Bank Nifty index gained 301 points and closed at 48,983.
Cash market volumes on the NSE touched a record high of ₹2.29 lakh crore – aided by trades for MSCI and FTSE rebalancing. The small-cap index rose 0.76 percent even as the advance-decline ratio improved to 0.81:1.On the outlook for the Nifty today, Deepak Jasani, Head of Retail Research at HDFC Securities, said, "The Nifty index could see volatile moves early this week based on the outcome of exit polls and later the actual Lok Sabha Election results.
Today, it could stay in the 22,150 to 22,794 band."Also Read: Buy or sell after exit poll: Vaishali Parekh recommends three stocks to buy todayOn the outlook for Bank Nifty today, Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas, said, "Bank Nifty continued with the momentum and closed in the positive for the second consecutive trading session. Daily and hourly momentum indicators have a positive crossover, a buy signal.
Thus, we expect the momentum to continue. On the upside, crucial support is placed at 48,600 to 4,8500, while immediate hurdles are placed at 49,700 to 4,9800."Suggesting investors to remain vigilant about the next event like Lok Sabha Election results, numbers of seats BJP gets, etc., Dhiraj Relli,
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