From mint · Asit Manohar · · 1m 30s
Stocks to buy: Ganesh Dongre recommends Larsen and Toubro, Equitas, Bajaj Finance
Ganesh Dongre of Anand Rathi recommends Larsen and Toubro, Equitas Small Finance Bank, and Bajaj Finance for Monday's trades.
In brief
Ganesh Dongre of Anand Rathi recommends Larsen and Toubro, Equitas Small Finance Bank, and Bajaj Finance for Monday's trades. Ganesh Dongre of Anand Rathi recommends buying Larsen and Toubro, Equitas Small Finance Bank, and Bajaj Finance with specific price targets and stop-loss levels for Monday's trades. Originally…
Stock market outlook
Ganesh Dongre of Anand Rathi says hawkish US Fed, RBI, and US 10-year Treasury yields may continue to dictate foreign institutional investor trade patterns.
“Stock market outlook: Hawkish US Fed, other global central banks including RBI, and the upward bias in US 10-year boond yields, may continue to dictate FIIs' trade patttern, says Ganesh Dongre of Anand Rathi”
Weekly market performance
Nifty gained nearly 3.78% to close at 23,146, while Bank Nifty advanced 0.79% to settle at 55,844 with most sectors rising.
“The key benchmark indices of the Indian stock market ended the week on a positive note, with the Nifty gaining nearly 3.78% to close at 23,146, while the Bank Nifty advanced 0.79% to settle at 55,844. Sectoral performance was broadly positive, with most major sectors witnessing gains. The IT sector emerged as the top performer, rallying nearly 10% during the week.”
Key market factors
Crude oil prices near $110 per barrel and geopolitical developments involving the Middle East and US, Iran relations could influence market sentiment next week.
“Factors that may dictate the Indian stock market next week, Ganesh Dongre of Anand Rathi said, traders should closely monitor Brent crude oil prices, which are approaching their previous highs near $110 per barrel. A sustained move above this level could push crude prices towards $114 per barrel, potentially increasing inflationary concerns and adding pressure on equity markets. So any fresh geopolitical developments, particularly those involving the Middle East and US, Iran relations, could further influence crude oil prices and market sentiment.”
Nifty 50 technical outlook
Nifty recovered towards 23,200 after rebounding from 22,000, 22,200 support zone; resistance at 23,200, 23,400 and 24,100, 24,200.
“The Anand Rathi expert believes the Nifty witnessed a notable rebound from the 22,000, 22,200 support zone and recovered towards the 23,200 mark by the end of the week. This support zone remains crucial, as it represents a significant historical support area near previous yearly and quarterly lows. On the upside, the immediate resistance is placed in the 23,200, 23,400 range, followed by the 24,100, 24,200 zone, where the 200-day EMA is positioned.”
Bank Nifty technical outlook
Bank Nifty approaches 56,400, 56,500 resistance; 55,000 is key support level for potential recovery.
“On the outlook for the Bank Nifty index, the Anand Rathi expert said, the key benchmark index witnessed buying interest during the week, closing at 55,844, up 0.79%. The index is approaching a significant resistance zone around 56,400, 56,500, where the 200-day EMA is positioned. A decisive and sustained breakout above 56,500 would strengthen the near-term technical structure and could open the door for a further recovery. On the downside, 55,000 remains an important support level, and a sustained break below this zone could weaken the recovery and trigger renewed selling pressure.”
Stock recommendations
Ganesh Dongre recommends buying Larsen and Toubro at ₹ 3620, 3640 with target ₹ 3860 and stop loss ₹ 3560.
“1] Larsen and Toubro: Buy at ₹ 3620 to ₹ 3640 | Target ₹ 3860 | Stop Loss ₹ 3560”
Equitas Small Finance Bank
Equitas Small Finance Bank: Buy at ₹ 70, 71 with target ₹ 77 and stop loss at ₹ 65.
“2] Equitas Small Finance Bank: Buy at ₹ 70 to ₹ 71 | Target ₹ 77 | Stop Loss at ₹ 65”
Bajaj Finance
Bajaj Finance: Buy at ₹ 975, 985 with target ₹ 1020 and stop loss ₹ 950.
“3] Bajaj Finance: Buy at ₹ 975 to ₹ 985 | Target ₹ 1020 | Stop Loss ₹ 950”
The headline
Ganesh Dongre of Anand Rathi recommends buying Larsen and Toubro, Equitas Small Finance Bank, and Bajaj Finance with specific price targets and stop-loss levels for Monday's trades.
