Lagatar24 Desk
New Delhi: The Indian stock market closed with significant gains on Friday, December 13, as indices rebounded strongly. The Nifty 50 ended 0.89% higher at 24,768.30 points, while the BSE Sensex rose by 1.04% to close at 82,133.12 points. On the outlook for the Nifty 50 and Bank Nifty indices, market expert Vaishali Parekh observed that Nifty has been finding resistance near the 24,850-zone and experienced profit booking, plunging to 24,180 at one point. However, it showed a fast recovery and ended above the 100-period moving average at 24,700. This indicates improved bias and sentiment. Parekh highlighted that Nifty has crucial support at 24,400 and resistance at 24,900. Bank Nifty displayed a higher-low formation pattern, taking support at the 52,100 level on the daily chart. Its pullback has improved the bias, with targets of 54,500 and 55,000 anticipated, as long as the 52,000 level is sustained.
Globally, the US Dollar Index Spot traded 0.04% higher at 107 as of December 13. The dollar remained steady against a basket of currencies, marking its second straight week of gains. The UK Pound weakened after Britain’s economy contracted, while the Euro strengthened after the European Central Bank indicated less dovish policies, forcing traders to rethink policy-easing bets for the coming year.
Market experts have recommended specific stocks for buying opportunities. HCL Technologies, currently trading at ₹1,968.80, has shown a strong bullish trend with a target price of ₹2,107 and a stop loss at ₹1,900. Titan Company is also a favorable buy at ₹3,508.85, with a target of ₹3,755 and a stop loss at ₹3,386. ICICI Securities is identified as another strong pick, with a buying price of ₹844, a target of ₹910, and a stop loss at ₹865. Axis Bank, trading at ₹1,148, presents an opportunity with a target of ₹1,180 and a stop loss of ₹1,115. Lastly, DLF Ltd., at ₹870, is expected to reach ₹890 with a stop loss at ₹845.
The rebound witnessed on Friday has set a positive tone for the coming week. While the Nifty 50 and Bank Nifty indices indicate further upward momentum, global factors like US Dollar strength and ECB policies are likely to influence overall market sentiment.
