Stock market news: Indian benchmark indices extended their losing streak on Thursday, as escalating geopolitical tensions in the Middle East pushed crude oil prices above $96 a barrel, dampening investor sentiment and triggering broad-based selling.
Fresh US strikes on Iran, coupled with attacks by Yemen’s Houthi rebels on oil tankers in the Red Sea, intensified concerns over global energy supplies, weighing on risk appetite across markets.
Higher crude oil prices remain a key concern for India, the world’s third-largest importer and consumer of crude oil, as they could fuel inflation, widen the trade deficit, pressure corporate margins, and slow economic growth.
Investor sentiment was also hit by weak quarterly earnings, with Dr Reddy’s Laboratories and HPCL falling around 3% each after reporting disappointing June-quarter results.
By 12:20 IST, the Nifty 50 was down 0.27% at 23,931 . 10, while the BSE Sensex declined 0.24% to 76,572.90. Both benchmark indices were on track for their fourth consecutive session of losses, having fallen 1.7% and 2.2%, respectively, during the ongoing losing streak.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
Nifty 50
Nifty 50 continued to slide down so far today on the worries of the Middle-East conflict, rising international crude oil prices and depreciation of INR against USD. Nifty 50 is currently trading lower by 30 points.
The market is nearing an immediate support of 23,800 and recovery is expected from near the supports in the mid to later part of today’s session. On the contrary side, if this support breaks on the downside in short term, then the next crucial support could come around 23,650 levels (ascending trend line and significant opening upside gap of 15 June). Immediate resistance is placed at 24,000 levels.
Buy Bajaj Auto at ₹11,250, Target ₹11,800, Stoploss ₹10,950, Timeframe 1 week
Bajaj Auto share price has been in a sharp uptrend over the last one week. The larger degree bullish chart pattern like higher tops and bottoms is visible on the charts. Volume has expanded during breakout in the stock price and daily/weekly RSI shows positive indication.
Buy Epigral at ₹1,142, Target ₹1,205, Stoploss ₹1,110, Timeframe 1 week
Epigral share price has witnessed an important bottom reversal recently from the lows. The stock price has bounced back since then and moved up as per bullish pattern like higher tops and bottoms. We observe a decisive breakout of down sloping trend line on the weekly timeframe chart. Volume pattern and RSI shows positive indication.
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