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Despite a downturn in the morning session, the Indian stock market showcased its resilience by demonstrating a significant recovery, closing higher on Monday.
The Nifty 50 index concluded 48 points higher at 22,104, while the BSE Sensex ended 111 points higher at 72,776. The Bank Nifty index surged 333 points and settled at 47,754.
Notably, cash market volumes on the NSE escalated to Rs.0.98 lakh crore. Although the small-cap index ended slightly lower and the advance-decline ratio fell to 0.70:1, the overall market recovery is a promising sign for potential trades, underlining the market's resilience.
On the outlook for the Nifty 50 index, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi said, "The Nifty 50 index closed near the support level of 21800–21900 zone. If the 50-stock index holds this support level, then upward movement can be seen for the Nifty in the upcoming days.
Now the next resistance for the frontline index will be at 22,300. In the previous session, we have seen the gap down opening and then continuously Nifty has seen upward movement in the market for the rest of the day.
After this, majorly all the indices closed in positive territory except oil and gas, textile and automobile sector at the end of the day. So, we may see further short covering in upcoming trading sessions, if Nifty holds its support at 21800-21900 level."
On the Bank Nifty front, the frontline index witnessed short covering in the second half of the trading session and closed in positive territory.
So, immediate resistance for Bank Nifty today stands at 48,500 and support at 47,000 to 47,300 level," said Dongre.
On the outlook for the India VIX today, Sumeet Bagadia, Executive Director at Choice Broking said, "The India VIX Index finally breached the resistance placed at 19, which signals further upsidde in the volatility index of the Indian stock market.
The index is now facing hurdle at 22 mark. Once it breaches this hurdle decisively, we may expect the India VIX Index to touch 25 mark soon."
Regarding stocks to buy today, Sumeet Bagadia of Choice Broking; Ganesh Dongre of Ananad Rathi; and Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher — have meticulously recommended eight buy or sell stocks for today, providing you with a well-informed guide for your trading decisions.