31 May , 2022 By : Kanchan Joshi
Benchmark stock indices Sensex and Nifty surged by nearly 2% on Monday, extending their winning run to a third straight day. The 30-share BSE Sensex rallied 1,041 points to settle at a four-week high of 55,925.7. The NSE Nifty jumped 1.89% to 16,661.
Index heavyweights Reliance Industries (RIL) and Tata Consultancy Services (TCS) soared. HCL Technologies, UltraTech Cement, Wipro, and Bharti Airtel were also among leading gainers. In the broader market, the BSE midcap jumped 2.28% and smallcap gained 2.23%.
Equity investors' wealth jumped by over Rs10.19 lakh crore. Helped by jump in equities, the market capitalisation of BSE-listed firms went up by Rs10,19,936.84 crore to Rs2,58,47,092.40 crore in three days. Meanwhile, Sensex jumped by 4% or 2,176 points while Nifty soared by 635 points or 3.9% in the three day rally to Monday.
Day trading guide for stock market today
"The sharp upside bounces after minor consolidation over the last two weeks, formation of higher bottoms and slowing down of sharp weakness are all pointing towards a probable bottom reversal for the Nifty at the swing low of 15,735. As per this pattern, any downward corrections from here is going to be short lived and could be a buy on dips opportunity for the near term. The next upside levels to be watched at 16,900-17,000 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Stocks to buy today as recommended by analysts -
Mehul Kothari, AVP - Technical Research at Anand Rathi
GAIL: Buy GAIL, stop loss Rs137, target Rs153
Havells: Buy HAVELLS, stop loss Rs1,200, target Rs1,255
Anuj Gupta, Vice President - Research at IIFL Securities
Life Insurance Corporation of India (LIC): Buy LICI, stop loss Rs805, target Rs920
Paytm: Buy PAYTM, stop loss Rs605, target Rs720
Avinash Gorakshkar, Head of Research at Profitmart Securities
Titan: Buy TITAN, stop loss Rs2,200, target Rs2,370
Mahindra & Mahindra: Buy M&M, stop loss Rs970, target Rs1,070
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