Stock Market Update: Due to trade war concerns, global stock markets saw a drop during the last two weeks of March and the first half of April.
However, markets have started recovering since US President Trump delayed the proposed tariffs for 90 days. The Indian stock market is also bouncing back.
On the last trading day of the week, just before the Good Friday holiday, the Nifty 50 index closed 1.8% higher at 23,851.65, and the BSE Sensex rose by 1.96% to reach 78,553.2.
HDFC and ICICI Lead the Rally
This week, both major indices went up by 4.5%, performing better than most Asian markets, which were under pressure due to concerns over US tariffs and global growth.
ICICI Bank and HDFC, two major contributors to the Nifty index, surged 7.2% and 5.5% respectively.
Their strong performance came ahead of their quarterly results, pushing both stocks to record highs.
Market Sentiment in India Remains Positive
Sumeet Bagadia, Executive Director at Choice Broking, believes the mood in the Indian stock market is currently strong.
According to him, Nifty 50 has shown fresh strength by crossing the important 200-day exponential moving average (DEMA) at 23,400. Bagadia said, “Nifty might soon touch 24,200.
However, since the Nifty Bank index is already above all DEMA levels, there could be some profit booking in banking stocks. So, it’s better to look at stocks that are technically strong.”
3 Shares Under Rs 100 to Watch Out For
Sumeet Bagadia recommends buying three stocks that are priced below Rs 100. These are Madhav Copper, Balaji Telefilms, and Visa Steel.
Madhav Copper: Buy at Rs 50.8, with a stop loss of Rs 48.5 and a target of Rs 54.5.
Balaji Telefilms: Buy at Rs 82.48, stop loss at Rs 79.5, and target of Rs 88.5.
Visa Steel: Buy at Rs 35.5, stop loss of Rs 34.5, and target of Rs 38.5.
