Stock Market Opens Higher, Nifty 50 Sees Minor Profit-Booking
The Indian stock market opened higher on August 6, driven by falling crude oil prices and gains in Reliance Industries. The Sensex rose 201.43 points to 78,782.43 in early trade, while the Nifty 50 gained 16.35 points to 24,641.
Nagaraj Shetti, a senior technical research analyst at HDFC Securities, recommends buying Jamna Auto and Hindustan Copper shares in the short-term.
Shetti notes that the Nifty 50 has witnessed minor profit-booking from its highs over the last couple of sessions. However, the recently introduced late-session Closing Auction Session (CAS) saw a sharp uptick in the Nifty 50 towards the end, erasing the loss completely and closing in the green on Wednesday.
Shetti recommends buying Jamna Auto Industries at ₹143 with a target of ₹155 and a stoploss of ₹137. He also suggests buying Hindustan Copper at ₹533 with a target of ₹575 and a stoploss of ₹510, both for a timeframe of 1-2 weeks.