Analyst recommends five Indian stocks after market rebound

Indian share indexes rose on October 9, ending an eight-week run of losses for the Nifty 50 and Sensex.

The gains were led by IT shares and also spread to consumer goods, auto and financial stocks.

Sumeet Bagadia of Choice Broking said the rebound had improved short-term sentiment, though the broader market structure remained weak below key moving averages.

He recommended RBL Bank, Birlasoft, Go Digit, LIC and Nykaa, with proposed buy prices, targets and stop-loss levels given for the first four in the available details.

He said the Nifty 50 faced resistance at 22,650–22,700, while support was at 22,250–22,400.

Persistently high oil prices remain a concern for India because they can affect inflation, the import bill and the rupee.

Bagadia said the market’s ability to hold the rebound and move above resistance would be important for further improvement.