Stock market today: Indian stock indices remained largely unchanged at the start of trading on Thursday, reflecting the cautious mood in Asian markets, as ambiguity surrounding the future of Federal Reserve Chair Jerome Powell created unease among investors.
Investors maintained their attention on the current first quarter earnings season, which is still the main influence on market sentiment.
At 9:15 IST, the Nifty 50 was up 0.07% at 25,230.75 points, while the BSE Sensex rose 0.14% to 82,753.53.
Osho Krishan of Angel One, believes Nifty 50 is poised to have a breakthrough above the level of 25,250 (20-DEMA). Krishan recommends two stocks to buy today. Here’s what he says about the overall market.
Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One
Technically, there have been insignificant developments in the benchmark index as it settled on a muted note. The 20 DEMA withholds significant resistance for the consecutive sessions, putting a restriction on the bulls. In order to establish upward momentum in the index, it is crucial to achieve a sustained breakthrough above the level of 25,250 (20-DEMA). Successfully surpassing this threshold is anticipated to create positive momentum, thereby leading the index towards the next significant resistance zone at 25,320-25,350, which corresponds to a Bearish Gap. On the downside, it is projected that the level of 25,100-25,080 will serve as a support mechanism, providing a buffer against any forthcoming declines, followed by the pivotal support level positioned at the 25,000 mark, recognized for its importance in maintaining overall market stability.
Looking ahead, with the weekly settlement in mind, some volatility is likely to persist, necessitating the implementation of appropriate risk management strategies. Additionally, reiterating our previous perspective on emphasizing thematic movers remains prudent, given the widespread activity in our markets.
Stocks To Buy on Thursday- Osho Krishan
On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks – LIC Housing Finance Ltd, and Tata Power Company Ltd.
LIC Housing Finance Ltd
LIC Housing share price has witnessed a strong consolidation breakout in the last trading session, backed by robust volumes. The recent surge led to key technical developments of multiple positive crossovers among EMAs and 200 DSMA. Furthermore, the momentum indicators show a strong alignment with this upward trend, suggesting that the momentum is likely to persist in the forthcoming period.
Hence, we recommend to BUY LIC Housing shares around ₹630, keeping a stop loss of ₹600 for a potential upside Target of ₹678.
Tata Power Company Ltd
Tata Power share price has exhibited a pronounced increase in both price and trading volume following a period of robust consolidation near the 20-DEMA and the 200-SMA. This recent upward movement has led to a favorable crossover between the 50-day EMA and the 200-day SMA, which reinforces the overall bullish sentiment. Furthermore, the MACD signal line presents a positive configuration near the zero line, thereby strengthening the bullish outlook.
Hence, we recommend to BUY Tata Power shares around ₹410, keeping a stop loss of ₹395 for a potential upside Target of ₹435.
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.
