Nifty Sees Positive Start, Gift Nifty Analyst Recommends Three Stocks for Purchase

Indian Stock Market Sees Strong Rebound Following US-Iran De-escalation

The Indian stock market witnessed a strong rebound on Monday, with the global market sentiments shifting towards a positive direction following the de-escalation in the US-Iran war. The Nifty 50 index shot up 312 points and closed at 24,031, while the BSE Sensex skyrocketed 1,073 points and closed at 76,488. The Bank Nifty index finished 1,238 points higher at 55,293.

Sectoral participation remained robust, with rate-sensitive segments such as banking, financials, auto, and realty leading the gains. However, FMCG stocks ended largely unchanged. Broader markets also participated strongly in the rally, with both midcap and smallcap indices advancing over 1% each, reflecting improved market breadth and stronger risk appetite.

Gift Nifty Live Chart Signals Sideways-to-Positive Start

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Hinting at a sideways to positive start on Dalal Street, the Gift Nifty Live Chart is trading green with marginal gains over the spot Nifty close on Monday. By 7:10 AM, the index was trading around 24,050.

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that the Gift Nifty live chart is signalling a sideways-to-positive start on Dalal Street. However, the Prabhudas Lilladher expert predicted that the 50-stock index may ascend to 24,300 levels.

Outlook for Nifty 50 and Bank Nifty

Vaishali Parekh stated that the Nifty 50 index witnessed a strong breakout above the resistance hurdle of the 23,800 zone and closed above the 24,000 level. This easing out of sentiment is expected to lead to a further rise in the coming days, with the important hurdle of the 24,300 zone to be targeted.

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Vaishali Parekh also mentioned that the Bank Nifty index indicated a strong bullish candle formation on the daily chart, breaching above the 55,000 zone with a bias improving considerably. The near-term target of the 57,000 zone of the 200-period MA is expected to be reached, with most of the frontline banking stocks getting into momentum.

Stock Recommendations

Vaishali Parekh recommended the following three buy-or-sell stocks:

1. Tata Power: Buy at ₹414, Target ₹430, Stop Loss ₹408
2. SRF: Buy at ₹2700, Target ₹2800, Stop Loss ₹2650
3. Ujjivan Small Finance Bank: Buy at ₹54, Target ₹60, Stop Loss ₹52