Indian frontline indices ended with strong gains on Thursday, witnessing their fourth successive positive closing amid buying action in auto, FMCG and IT stocks. The BSE Sensex jumped 899.01 points or 1.19% to 76,348.06, while the Nifty climbed 283.05 points or 1.24% to end the day at 23,190.65.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities pointed out Nifty’s falling trendline breakout on the daily chart, suggesting a bullish trend reversal. “Additionally, it has been sustaining above the 21EMA for the past three days, confirming a short-term uptrend. The RSI has risen above the previous swing high, further strengthening the positive sentiment. Overall, the outlook remains optimistic, with the potential for a further rally in the short term. On the higher end, Nifty could move towards 23,400 and beyond, while on the lower end, support is placed at 23,000,” De said.
Here are 2 stock recommendations forFriday:
