Indian Stocks Consolidate After Rally; PSU Banks Shine While IT Retreats
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Indian stocks shifted into consolidation on Saturday after two days of upside bounce. Nifty 50 index shed 49 points while Bank Nifty gained 316 points.
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Profit booking seen in IT sector after strong run-up while PSU banks rallied on robust quarterly results. Niche sectors like railways and power utilities saw buying interest.
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On outlook, Nifty may encounter resistance around 21,750-21,850 levels and support around 21,300 in the near term. Bank Nifty call and put writers battled out at 46,000 strike.
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Recommended stocks to buy are Union Bank, Coal India, NCC, Adani Enterprises, NLC India, Finolex Cables, Paras Defence, Bank of Maharashtra and Punjab & Sind Bank.
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Target prices set for these stocks range from ₹155 to ₹800. Strict stop losses advised between ₹135 and ₹750.