Current Market Overview
The Nifty 50 index has been fluctuating between 23,800 and 24,800, with a breakout above or below this zone expected to dictate the market’s direction in the near future. The recent week was marked by significant global events, including the US presidential election and a Federal Reserve meeting, which have influenced market sentiment.
Key Market Levels
- Support Level: 23,800
- Resistance Level: 24,800
Despite some volatility, the Nifty closed at 24,148, indicating a cautious yet resilient market. Dongre notes that the completion of a Head and Shoulders pattern on the daily chart has set a new low at 23,800, with further support at 23,500. If the index holds above this level, it may shift resistance to 24,800–24,900 in upcoming sessions.
Recommended Stocks to Buy
1. Infosys Ltd. (INFY)
- Buy Price: ₹1,830
- Target Price: ₹1,900
- Stop Loss: ₹1,260
Infosys continues to be a strong player in the IT sector. Dongre’s recommendation is based on its robust fundamentals and potential for growth as demand for digital services increases.
2. State Bank of India Ltd. (SBIN)
- Buy Price: ₹843
- Target Price: ₹885
- Stop Loss: ₹815
SBI has shown resilience in its performance metrics and is expected to benefit from improving asset quality and loan growth. Dongre believes that SBI’s strong fundamentals make it a compelling buy at current levels.
3. National Aluminium Co. Ltd. (NATIONALUM)
- Buy Price: ₹238
- Target Price: ₹270
- Stop Loss: ₹220
National Aluminium Co. is positioned well within the metals sector as demand for aluminium continues to rise. Dongre’s target reflects optimism about the company’s earnings potential amid favorable market conditions.
Conclusion
Investors are advised to monitor key support and resistance levels closely as they evaluate trading opportunities in the coming sessions. With Ganesh Dongre’s recommendations focusing on established companies like Infosys and SBI, there are potential avenues for profit even in a volatile market environment.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies and do not represent the views of Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
