Indian Stock Market Bounces Back

Key Benchmark Indices See Significant Gains

On Thursday, the Indian stock market witnessed a strong rebound, driven by global cues. The Nifty 50 index surged 285 points, closing at 24,765, while the BSE Sensex rose 899 points to finish at 80,015. The Bank Nifty index also gained 300 points, ending at 59,055.

Sectoral Performances

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The Capital Market, Defence, and Metal indices gained over 2%, while the IT index closed in the negative territory due to intraday profit booking.

Market Outlook

According to Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, the Indian stock market undertone remains cautious to positive. Parekh believes that the Nifty 50 index needs to settle below 25,300 to establish conviction and clarity, paving the way for further upward movement.

Key Support and Resistance Levels

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The Nifty 50 index requires a settlement above 25,300 to anticipate further upward movement. The 24300 zone is maintained as the crucial support level, which needs to be sustained. The Bank Nifty index has sustained the low made near 58,400, which is a crucial support zone. The index needs to move past 59,900 to improve the bias and anticipate a further rise.

Stock Recommendations

Vaishali Parekh recommends the following buy-or-sell stocks for intraday trading:

• Kabra Extrusion Technik: Buy at ₹252, Target ₹262, Stop Loss ₹248
• JSW Cement: Buy at ₹122, Target ₹128, Stop Loss ₹118
• Premier Energies: Buy at ₹722, Target ₹740, Stop Loss ₹710