Profit booking took center stage in the Indian stock market on Friday, June 28, as the Sensex and Nifty 50 ended their four-day winning streak with losses. Despite hitting all-time highs during the session, both benchmarks fell victim to profit booking as investors cashed in gains amidst mixed global cues.
The Nifty 50 reached a record high of 24,174 before closing 0.14% lower at 24,010.60, with 26 stocks advancing and 24 declining. Similarly, the Sensex hit a new record high of 79,671.58 but ended with a loss of 0.27% at 79,032.73, with 20 stocks declining.
DailyBubble’s perspective on the market reflects optimism about the upcoming budget and an upgrade in GDP forecasts driving momentum. Large caps are favored due to the return of FIIs, but profit booking at higher levels, particularly in financials like private banks, led to the market’s decline after a recent rally.
For Monday, July 1, Sumeet Bagadia of Choice Broking recommends Tata Motors, Britannia Industries, and ONGC as potential stocks to buy. Tata Motors is exhibiting strong bullish momentum, trading above key moving averages and showing a breakout of a falling trend line. Britannia has found strong support after a correction from its record high, while ONGC demonstrates a robust technical outlook with potential for further gains.
DailyBubble advises investors to monitor key support and resistance levels for these stocks and remain vigilant for potential reversals. While the views and recommendations provided are from individual analysts or broking companies, investors are encouraged to consult with certified experts before making any investment decisions.