During Nifty’s weekly expiry, the market witnessed a consolidation phase, with Nifty and Nifty Bank maintaining a limited trading range of 70 and 160 points, respectively. Notably, leading stocks like Reliance and HDFC Bank provided support for the second consecutive day. The midcap index displayed outperformance, while metal stocks showed a third consecutive day of increase, propelling Nifty Metal by approximately 1%.
Nifty’s Weekly Expiry Market Overview and Trading Range Analysis
Notably, NMDC shares emerged as the top gainers in futures, experiencing a surge of over 6%. Additionally, NALCO, HIND COPPER, and SAIL were observed trading with gains. However, TCS faced pressure with a decline of over one and a half percent following mixed results. On the positive side, shares of GAIL and Mahindra & Mahindra saw buying activity in the market, driven by dealers aiming for faster profits.
Key Stock Picks, Buy Strategies, and Target Projections
According to Yatin Mota from CNBC-Awaaz, quoting sources in dealing rooms, dealers advised their clients to consider shares of specific government companies. GAIL’s stock stood out as a recommended buy, with dealers suggesting positional buying and projecting target levels of 135-145. The involvement of FIIs in buying shares was also noted, with new purchases evidenced by a 71 lakh shares increase in open interest.
Furthermore, another stock gaining attention is a prominent auto giant, with dealers suggesting buying opportunities and recommending a buy-today-sell-tomorrow (BTST) strategy. They foresee target levels ranging from Rs 1610-1625 in this stock. The market has seen domestic funds actively purchasing shares in this particular entity, indicating potential growth.