Stock market today: Indian stocks opened flat on Friday, remaining cautious ahead of a potential trade agreement between India and the US, while also taking in the market regulator’s ban on the American company Jane Street for alleged manipulation in derivatives trading.
The Nifty 50 increased by 0.09% to reach 25,428.85 points, while the BSE Sensex rose by 0.08% to 83,306.81, as of 9:15 IST.
The Securities and Exchange Board of India (SEBI) has issued a temporary order regarding Jane Street’s purported manipulation through its positions in equity derivatives.
SEBI’s move coincides with an increase in activity from several global trading companies, such as Citadel Securities, IMC Trading, Millennium, and Optiver, as they enhance their involvement in India’s rapidly growing derivatives markets.
At the same time, investors are closely monitoring the prospects of a trade agreement between India and the US, particularly in light of President Donald Trump’s deadline of July 9 for imposing retaliatory tariffs.
On the technical front, Rajesh Palviya of Axis Securities believes the current levels of Nifty 50 and the short- and medium-term outlook remain bullish, with an expected upside of 25,800–26,000 levels. Here’s what Palviya says about the overall market.
Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP – Technical and Derivatives Research, Axis Securities
Nifty 50
On the daily and weekly charts, the stock is trending higher, forming a series of higher tops and bottoms, indicating bullish sentiments. Nifty 50 is sustaining above its 20, 50,100 and 200-day SMAs, which signals positive bias. From current levels, the short- and medium-term outlook remains bullish with expected upside of 25,800-26,000 levels. On the downside, the short-term supports are placed around 25,300-25,000 levels. The daily strength indicator RSI has turned bearish and sustained below its reference lines, indicating a loss of strength.
Aster DM Healthcare share price has registered an all-time high, representing bullish sentiments. With the current close, the stock has decisively surpassed the “multiple resistance” zone of 610 on a closing basis, indicating further momentum. This breakout is accompanied by huge volumes, which signifies increased participation. The stock is sustaining above its 20, 50, 100 and 200-day Simple Moving Averages (SMA), reconfirming the bullish trend. The daily “band Bollinger” buy signal suggests increased momentum. The daily and weekly strength indicator, Relative Strength Index (RSI), is in favourable territory, indicating rising strength across all time frames.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹685-745, and its downside support zone is the ₹610-595 levels.
UPL Ltd
With the current week’s price action, UPL share price has witnessed a strong momentum along with huge volumes, which signifies increased participation. This buying momentum is observed from the 20 and 50-day SMA support zone, which remains a crucial level (646) to watch for. The daily and weekly strength indicator, Relative Strength Index (RSI), is in favourable territory, indicating rising strength across all time frames. The daily “band Bollinger” buy signal suggests increased momentum.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹713-745, and its downside support zone is the ₹670-660 levels.
For the last three months, Voltas share price was strongly consolidating within 1340 and 1200 levels; however, with the current close, the stock has decisively surpassed multiple resistance zones on a closing basis, which signals a strong comeback of bulls. The 20 and 50 day SMA bullish crossover reconfirms positive bias. The daily and weekly strength indicator, Relative Strength Index (RSI), is in favourable territory, indicating rising strength across all time frames.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹1,450-1,500, and its downside support zone is the ₹1,330-1,300 levels.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
