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Indian Stocks Rise Amid Global Cues
18 Sep
Summary
- Nifty 50 closed at 23,270, a 0.23% increase.
- Sensex advanced 0.10% to finish at 74,413.
- Five stocks are recommended for buying with specific targets.
The Indian stock market experienced moderate gains on Thursday, September 17, as investors showed little reaction to the US Federal Reserve's rate hike, an event already priced into market expectations.
The Nifty 50 index closed at 23,270, marking a 0.23% increase from the previous trading day. Concurrently, the Sensex advanced by 0.10%, settling at 74,413. The broader market demonstrated stronger performance, with the Nifty Midcap 100 climbing by 1% and the Nifty Smallcap 100 gaining 0.76%.
Market analysts suggest key support for the Nifty 50 lies between 23,000 and 23,120, with resistance expected in the 23,370-23,500 range. Options data indicates potential cushioning around 23,200-23,000 and resistance near 23,300-23,500. The put-call ratio stands at 0.96, with the India VIX easing to 12.29, pointing to a cautious near-term outlook.
Analysts have identified five stocks for potential investment: Tata Investment Corporation (Buy at ₹719, Target ₹770), Paradeep Phosphates (Buy at ₹154, Target ₹165), Welspun Living (Buy at ₹212, Target ₹227), Kaynes Technology India (Buy at ₹3520, Target ₹3765), and CDSL (Buy at ₹1350, Target ₹1445). These recommendations come with specific stop-loss levels to manage risk.
