Sensex Today | Stock Market View: Pre-opening market comment by Prashanth Tapse, Senior VP (Research), Mehta Equities
In Friday’s trading, the Nifty witnessed consolidation as investors opted to secure profits, yet the Nifty Mid-Cap and Small-Cap indices achieved new highs. Technical analysis indicates potential support at Nifty 19657 and hurdles at 19889. Reclaiming 19889 is crucial for a fresh upside. Bank Nifty needs to surpass 44800 for confirmation, but it might underperform. Options data suggests Nifty’s range is 19300-19800, with 19800 as a crucial resistance. Positive catalysts include sluggish WTI crude, rising copper prices, and favorable sentiments on no further Fed rate hikes. Preferred trades include buying Nifty at CMP with targets at 19807/19889 and Bank Nifty in the 43000-43150 zone with targets at 44000/44500. Bullish outlook on PI INDUSTRIES, SIEMENS, ASHOK LEYLAND, MUTHOOTH FINANCE, TATA CONSUMER, and ASIAN PAINTS. The top stock to buy is PI INDUSTRIES, with an entry price of 3727, target of 4500, stop loss at 3301, and a holding period of 0-365 days for a momentum play.