Nifty 50 Dips: Experts Weigh In on Market Outlook and Stock Picks

Nifty 50 Ends Lower on Thursday

The benchmark Nifty-50 index closed 0.58% lower at 24,273.80 on Thursday, reflecting a weak near-term sentiment in the market. Bank Nifty also dipped 0.45% to 54,365.65, with most other indices, including realty, metal, and auto, following suit. The IT sector remained the sole bright spot, showing positive gains.

Broader indices experienced a 1.5-2% correction, indicating a broader downturn.

Market Outlook: Cautious Approach Advised

Experts attribute the market decline to heightened border tensions and weak global cues, which have dragged down both the markets and the rupee. Rupak De, Senior Technical Analyst at LKP Securities, suggests that immediate support for Nifty lies at 23,950. A break below this level could push the index down to 23,450. On the upside, resistance is seen at 24,400 and 24,550.

For Bank Nifty, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates, points to immediate resistance at 55,000, followed by 56,000. Key support lies at 53,890.

Vikram Kasat, Head – Advisory, PL Capital, advises investors to adopt a cautious approach, avoid aggressive positions, and focus on fundamentally strong stocks with limited exposure to geopolitical risks. He recommends defensive sectors and quality large caps as offering better stability in the current environment.

Expert Stock Picks for Friday

Several experts have shared their stock recommendations for Friday:

Sumeet Bagadia, Executive Director at Choice Broking

• Asahi Songwon Colors Ltd (ASAHISONG): Buy around ₹402, Stoploss ₹387, Target ₹430

• Privi Speciality Chemicals Ltd (PRIVISCL): Buy around ₹2065, Stoploss ₹2065, Target ₹2290

Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi

• ITC Ltd (ITC): Buy around ₹430, Stoploss ₹415, Target ₹445

• Nestle India Ltd (NESTLEIND): Buy around ₹2350, Stoploss ₹2280, Target ₹2450

• Hindustan Aeronautics Ltd (HAL): Buy around ₹4422, Stoploss ₹4350, Target ₹4620

Shiju Koothupalakkal, Senior Manager — Technical Research, at Prabhudas Lilladher

• Clean Science and Technology Ltd (CLEANSCIEN): Buy around ₹1192, Stoploss ₹1170, Target ₹1240

• Sequent Scientific Ltd (SEQUENT): Buy around ₹155, Stoploss ₹152, Target ₹163

• Varroc Engineering Ltd (VARROCENG): Buy around ₹460, Stoploss ₹448, Target ₹485

Sugandha Sachdeva, Founder of SS WealthStreet

• NMDC: Sell at ₹63.50, Target ₹59.80, Stop Loss ₹65.50