India’s stock market opened the week on a strong note, showing notable momentum on Monday. However, market experts caution that Tuesday could see a relatively subdued session unless fresh triggers emerge. Early trends in Gift Nifty indicate a weak start, suggesting that domestic indices may also reflect a softer opening.
On Monday, the Nifty closed firmly above the 25,600 mark, gaining 211.65 points to settle at 25,682.75. The Sensex also advanced sharply, rising 650.39 points to finish at 83,277.15.
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What are the experts saying?
According to a Mint report, Chandan Taparia, Head of Derivatives and Technicals at Motilal Oswal (MOFSL), says that Bullish Engulfing candles have been seen on the daily chart in the last 2 trading sessions. He says the Nifty 50 index needs to stay above the 25600 zone. Then this index can rise further and cross the 25800 level. At that time, support will be in the 25500 and 25400 zones. He is also optimistic about the momentum of the Bank Nifty index.
Which stocks to watch
He has advised keeping an eye on three stocks for February 17
Union Bank of India
Target: ₹200. Stop Loss: ₹175
HDFC AMC
Target: ₹3000. Stop Loss: ₹2750
Power Grid Corporation of India
Target: ₹320. Stop Loss: ₹290
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