Trading of Nifty 50 index futures on the Singapore stock exchange (SGX Nifty) indicates that the Nifty could rise 80 points at the opening bell. The US markets ended mostly lower on Thursday following a report from the Labor Department showed first-time claims for US unemployment benefits rebounded by slightly more than expected in the week ended September 11. The report said initial jobless claims climbed to 332,000, an increase of 20,000 from the previous week’s revised level of 312,000. The street had expected initial jobless claims to rise to 328,000 from the 310,000 originally reported for the previous week. The modest increase came after initial jobless claims fell to their lowest level since March of 2020 in the previous week.
Back home, benchmark equity indices ended with robust gains on Thursday, supported by firmness in banks and FMCG stocks. The Nifty managed to close above the 17,600 mark while the Sensex ended above 59,000 level for the first time. PSU banks surged while metal and IT stocks corrected.
The rally is supported by various Production-Linked Incentive (PLI) schemes introduced by the government. Aggressive Covid-19 vaccination program in India and persistent foreign capital inflows added to the momentum. The barometer index, the S&P BSE Sensex, jumped 417.96 points or 0.71% at 59,141.16. The Nifty 50 index advanced 110.05 points or 0.63% to 17,629.50. Both the indices attained record closing high levels. The Sensex hit an all-time high of 59,204.29 while the Nifty registered a fresh record high of 17,644.60 in late trade today.
Here are four money making ideas from technical analysts that may deliver good gains in the near term.
Recommendations by: Chandan Taparia, Motilal Oswal Financial Services
State Bank of India | Buy | Stop loss: Rs 450 | Target price: Rs 480
Aarti Industries | Buy | Stop loss: Rs 930 | Target price: Rs 1,000
Recommendations by: Nilesh Jain, Centrum Broking
SBI Life | Buy | Stop loss: Rs 1,160 | Target price: Rs 1,220
RBL Bank | Buy | Stop loss: Rs 178 | Target price: Rs 191
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