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Indian Markets Snap Losing Streak Amidst Global Cues
26 Oct
Summary
- Nifty 50 and Sensex ended a four-session losing streak on Monday.
- Gains were limited by elevated oil prices and Fed uncertainty.
- Analysts recommended Laurus Labs, MCX, and Coforge stocks.
Indian stock markets, represented by the Nifty 50 and Sensex, successfully halted a four-day decline on Monday. This recovery was bolstered by positive post-earnings performances from major companies like Dr Reddy's Laboratories, JSW Steel, and Kotak Mahindra Bank. However, the upward momentum was constrained by persistent concerns over global inflation, largely driven by Brent crude futures trading near $115 a barrel.
Investors also maintained a cautious stance ahead of the US Federal Reserve's upcoming policy announcement, where interest rates are widely expected to remain unchanged. The Nifty 50 index concluded the session with a 0.68% gain at 22,753.20, while the Sensex saw a 0.66% rise to 73,606.75, after both indices had experienced earlier losses.
Technical analysts have identified specific trading opportunities, recommending Laurus Labs with a target of ₹2,180, MCX with a target of ₹3,300, and Coforge with a target of ₹2,120. These recommendations are based on technical analysis, and investors are advised to consider their individual risk profiles and prevailing market conditions before making investment decisions.
