16 Aug , 2022 By : Kanchan Joshi
Indices extended gains as benchmark BSE Sensex rose by 130 points while Nifty extended gains for a fifth straight session in a range-bound trade on Friday as oil and gas, metal and power shares advanced in trade. Recovering from its early losses, the 30-share BSE index ended 130 points higher at 59,462 whereas NSE Nifty advanced 0.2% to close at 17,698.
Broader markets were up, with the BSE midcap index advancing 0.15% and the smallcap gauge rising 0.39%. BSE power, oil & gas, metal and energy climbed up to 2.47 per cent, while IT, healthcare and auto suffered losses.
The key indices also registered their fourth straight week of gains as Sensex rose by 1,074 per cent or 1.8% and Nifty by 300 points or 1.9% on weekly basis. This week, equities will track global trends, inflation data, foreign fund flows and movement of crude oil prices in this holiday-shortened week, according to analysts.
Day trading guide for stock market today
“The short term trend of Nifty continues to be positive with range bound action. One may expect continuation of choppy movement for the early week and Nifty could possibly reach upside of around 17800-17900 levels by next week. Having placed at the hurdle, bulls needs to be cautious and long positions to be protected with proper stoplosses. Immediate support is placed at 17,560 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Stocks to buy today as recommended by analysts -
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt. Ltd
Bharat Electronics: Buy BEL, stop loss Rs285, target Rs306
Ambuja Cement: Buy AMBUJA CEM, stop loss Rs375, target Rs404
Mehul Kothari, AVP-Technical Research at Anand Rathi
ICICI Bank: Buy icicibank, stop loss Rs855, target Rs900
Ambuja Cement: Buy Ambujacem, stop loss Rs375, target Rs400
Rajesh Bhosale, Technical Analyst, Angel One
Central Depository Services (India) Ltd: Buy CDSL, stop loss Rs1,149, target Rs1,300
Aditya Birla Fashion and Retail: Buy ABFRL, stop loss Rs275.8, target Rs315
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