Stock to Invest In: Following a sluggish start, the stock market is witnessing light buying activity. The Nifty index has approached the 25,850 mark, while the Bank Nifty has improved significantly, gaining 150 points from its lower levels. Notably, smallcap and midcap stocks are outperforming the broader market, which is a positive sign for investors. In addition, stocks like Tech Mahindra, Wipro, NTPC, Reliance Industries, and Infosys are emerging as the top gainers within the Nifty index. Conversely, Asian Paints, Titan Company, Bajaj Finance, JSW Steel, and IndusInd Bank have faced notable declines. Encouragingly, most sectors, aside from metals, FMCG, and pharmaceuticals, are displaying positive momentum.
Today’s Spotlight Stocks: Federal Bank and Indiamart
In this optimistic market scenario, market expert Anuj Singhal has identified Federal Bank and Indiamart as today’s spotlight stocks for strategic investment.
Federal Bank: A Strong Contender in Banking Stocks
Singhal expresses a bullish outlook on Federal Bank, highlighting its resilience among banking stocks. Despite facing significant selling pressure the previous day, Federal Bank’s stock demonstrated a notable upward movement. The stock found support at its 100-day moving average (DMA), managing to surpass its 50 DMA as well. This technical analysis suggests a potential upward trajectory, indicating that investors might consider Federal Bank as a viable option, especially for those looking for stability in the banking sector.
Indiamart: Potential for a Reversal
On the other hand, Anuj Singhal is optimistic about Indiamart, anticipating a positive rally particularly in IT stocks today, which could subsequently impact platform stocks such as Indiamart. He believes the stock shows good potential for reversal, supported by robust buying at its 200-week moving average (WMA). Moreover, there has been a noticeable uptick in delivery purchases, and short covering is being observed in futures contracts over the last two days, further reinforcing the case for Indiamart as a compelling investment choice.
Market Overview
| Index | Current Level | Change |
|---|---|---|
| Nifty | 25,850 | Up |
| Bank Nifty | Improved by 150 points | Positive |
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