Nifty Above 24,900 In Early Trade Led By Financials, IT; Healthcare Stocks Shine

Subdued start for Indian equity markets on Monday, with the Nifty index inching above 24,900 in early trade. Sectorally, it’s a mixed picture with pharma, metals, autos, and consumer durables seeing some selling pressure. On the other hand, financials and technology bucked the trend. 

At 09:40 a.m. IST, the Nifty 50 traded 55 points higher at 24,949, while the Sensex was up 199 points at 81,406. Broader markets were lacklustre with the Nifty Midcap and Smallcap indices trading flat.

The retail sentiment on Stocktwits for the Nifty remained ‘bearish’ at market open amid ‘low’ message volumes. 

Stock Watch

Hospital stocks such as Max Healthcare (top Nifty gainer), Fortis Healthcare and Apollo Hospitals traded between 4% and 2% higher after the Central Government Health Services (CGHS) revised rates for nearly 2,000 medical procedures. 

Aditya Birla Lifestyle surged 9% following a large block deal. 

Avenue Supermart (DMart) shares fell 2% following an operational update for Q2. The company said its standalone revenue between July and September increased by 15.4% to ₹16,218 crore, which is lower than its three-year Compounded Annual Growth Rate (CAGR) of 15.8%.

And Ceigall surged over 2% on securing orders worth over ₹1,000 crore from the Maharashtra State Electricity Distribution Company. 

Stock Calls

Analyst Vinayak Gautam shared three stock recommendations for Monday with a 1-week timeframe:

Suryoday Small Finance Bank: Buy at ₹152, with a target price of ₹155, and a stop loss of ₹149

Nuvama Wealth: Buy at ₹6,754, with a target price of ₹7,040, and stop loss at ₹6,625

Sobha: Buy at ₹1,470, with a target price of ₹1,523, and a stop loss at ₹1,447

Markets: The Road Ahead

From a technical standpoint, SEBI-registered analysts on Stocktwits shared the trade setup. 

Analyst Prabhat Mittal identified Nifty support at 24,780 with resistance at 25,120. For Bank Nifty, he sees support at 55,200 and resistance at 56,000.

Global Cues

Globally, Asian markets traded mixed, with the Japanese Nikkei index surging over 4% after the ruling party elected an ultra-conservative leader, poised to become the country’s first woman prime minister. Crude oil prices rose after OPEC+ agreed to increase production by a modest amount, alleviating traders' concerns about a significant rise.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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