Indian shares kicked off August on a positive note on Monday, with benchmark indexes hitting a three-month high led by a rally in automobile stocks on the back of robust monthly sales data. The Nifty rose 1% to 17,340 and Sensex climbed 0.95% to 58,115.5. Both the indexes jumped to their highest since April.
In the broader market, the BSE midcap gauge jumped 1.51% and the smallcap index spurted 1.47%. Auto stocks hogged the limelight in Monday's session as companies reported strong sales data for July.
Day trading guide for stock market today
“The short-term uptrend of Nifty remains intact and there is no signs of any tiredness in the market at the highs. Minor consolidation or intraday volatility could be expected at the hurdle of 17400-17500 levels and that hurdle could eventually be taken out on the upside in the near term. The near term upside targets to be watched at 17800 levels and immediate support is placed at 17150 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“The uptrend continues in the market as the bulls' invasion of the 17000-17500 zone continues. The trend is likely to remain positive as long as the benchmark index sustains above 200 DMA, placed at 17025. Over the near term 17000 is likely to act as crucial support; whereas on the higher end, 17500 may act as crucial resistance. Again, above 17500, the Nifty may move up towards 18000," said Rupak De, Senior Technical Analyst at LKP Securities.
Stocks to buy today as recommended by analysts
Rajesh Bhosale, Technical Analyst, Angel One
Balaji Amines: Buy BALAMINES, stop loss Rs3,451, target Rs3,700
CDSL: Buy CDSL, stop loss Rs1,129, target Rs1,220
Anuj Gupta, Vice President - Research at IIFL Securities
Ashok Leyland: Buy Ashokleyland, stop loss Rs138, target Rs185
Tata Teleservices (Maharashtra) Limited: Buy TTML stop loss Rs100, target Rs140
Sumeet Bagadia, Executive Director at Choice Broking
Power Grid: Buy POWERGRID, stop loss Rs212, target Rs230-235
Vedanta: Buy VEDL, stop loss Rs245, target 265-275