Market Morning: Sensex, Nifty open in greens, ONGC, NTPC, Coal India biggest gainers in early morning trade

Both Sensex and Nifty got off to a good start, with Sensex trading at 79,497.63 points,up by 0.32%and Nifty trading at 24,133.70 points, up by 0.37%, as of 10:00 am.

As for sectoral indices, Nifty Auto, PSU bank and Realty opened the day in red. All broad-based indices and other sectoral indices opened the day in green. Dr. Reddy, ONGC, NTPC, Tata Motors, and Coal India took the lead in the early morning trade today, while Grasim, Adani Ports, LTIMindtree, Mahindra and Mahindra, and UltraTech Cement lost ground during the early trade.

Earlier this month, the NCLT directed formal insolvency proceedings against JP Associates. The company notified the NSE regarding its list of creditors and the amount provisionally admitted against each of them. Jaypee Group's stock was up by 4.91%, trading at Rs 10.25.

Stock recommendations

As per Mr. Aditya Gaggar, director of Progressive Shares, "under the leadership of IT counters, Indian bourses settled the monthly expiry day at yet another record level of 24,045. The overall trend of Nifty50 is strong but buying on dips will be an ideal strategy. Now, the immediate hurdle is placed at 24,240, while the level of 23,800 will act as strong support".

"The IT sector has convincingly surpassed its previous resistance which indicates a continuation of the current upmove and to validate the momentum, some of the components have given a strong breakout. We continue to hold our bullish stance on the agro/specialty chemicals counters. Mid and smallcaps have been oscillating in a well-maintained range, awaiting a strong breakout", he continued.

Sameet Chavan, Head Research, Technical and Derivativess, Angel One notes that the momentum is clearly on the bull's side."June was a remarkable series, with the contract ending with a significant upmove of around 7% amidst an action-packed period. The momentum is clearly on the bulls' side, as prices have climbed more than 2,700 points since the panic low of 21,281 on June 4th".

"While contra-bet of shorting is not advised, it is prudent to take some profits, as a price or time-wise correction is expected in the near term. This correction should be viewed as healthy for the ongoing secular bull run. Heavyweights continue to drive this rally, and yesterday we saw the IT sector joining the fray. Traders should focus on such themes, as while key indices may enter a correction phase, individual themes could continue to offer outperforming opportunities," he continued.