Despite global cues, the Nifty 50 closes higher; experts suggest 5 stocks to invest in

The Indian stock market ended higher despite weak global cues, with experts recommending five stocks to buy or sell: Usha Martin, Grasim Industries, IGL, HCL Technologies, and Mahindra & Mahindra.

Indian stock market closed up for the third consecutive session on Thursday, though global cues are not very supportive after the US Federal Open Market Committee became more aggressive than expected. The Nifty 50 index increased by 75 points to stand at 23,398, while the BSE Sensex rose by 204 points to 76,810. But, the Bank Nifty index fell by 48 points to 49,846 points.

However, most analysts have it that in the short term, the Nifty is expected to remain range bound but with a positive bias. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said that medium term trend remains up, but Nifty is under pressure at 23,400 to 23,500 levels while the immediate support is placed at 23,280.

On the other hand, AVP Technical and Derivatives Research at Asit C Mehta, Neeraj Sharma highlighted that the Bank Nifty has turned weak as it has formed a bearish Marubozu candlestick pattern. The near-term support for the index is located around 49K level.

The domestic sentiments were upbeat on account of inflation falling to a one year low and the better than expected domestic April IIP numbers. The Head of Retail Research at Motilal Oswal, Siddhartha Khemka, said that the healthy domestic macros, good monsoon expectation, and strong earnings estimates are likely to keep the market on the higher side.

Stock market experts Sumeet Bagadia and Ganesh Dongre have recommended five stocks for investors to consider: The good buys are Usha Martin, which can be bought at ₹415 with a target of ₹440 with a stop loss of ₹399, Grasim Industries which is available at ₹2458 with a target of ₹2580 with a stop loss of ₹2390, IGL which is available at ₹487 with a target of ₹510 with a stop loss of ₹475, HCL Technologies available at ₹1445 with a target of.

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As the market anticipates the new union budget, the investors are advised to track global signals as well as home grown factors.