Stock market today: The selling trend persisted in Indian markets on Thursday after US President Donald Trump declared an additional 25 percent tariff on goods from India.
As a result of this new tariff, Indian exports to the United States have become 50 percent more costly. This development has raised concerns among investors, prompting a sell-off across key indices.
The Nifty 50 index began trading at 24,464.20, dropping by 110.00 points or 0.45 percent, while the BSE Sensex started at 80,262.98, falling by 281.01 points or 0.35 percent. Both indices indicated the cautious sentiment prevalent in the market in light of the US decision.
Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One
On the daily chart, Nifty 50 has remained within the range established on Friday for three consecutive sessions, forming an inside bar pattern that signifies indecision and a lack of momentum. It is noteworthy that the lower boundary of this range is highly significant, as it has functioned as a multi-swing support zone since May.
For the weekly expiry, the 24,500 zone remains of paramount importance. A decline below this threshold could initiate further downward movement, potentially resulting in a test of the 200-DSMA around 24,200. This level aligns with a previously unfilled bullish gap. On the flip side, for bullish momentum to resume, Nifty 50 needs to break above Friday’s high of 24,800, followed by a move above the 20 and 50-DEMA, both placed around 24,900. A breakout above this cluster of resistance levels could confirm a resumption of positive momentum.
As we step into the weekly expiry, traders are advised to closely monitor these key support and resistance zones and frame their trading strategies accordingly, with a preference for range-bound setups unless a clear breakout or breakdown occurs.
Stocks To Buy on Thursday- Osho Krishan
On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks – Coal India Ltd, and CG Power and Industrial Solutions Ltd.
Coal India
Coal India share price has demonstrated a decent resurgence in recent trading sessions, bolstered by robust support along the ascending trendline observed on the daily chart. The technical indicators have entered oversold territory and are now indicating the potential for a countertrend, as evidenced by a positive crossover in the 14-day RSI. This development contributes a bullish perspective, coupled with a favorable risk-reward ratio.
Hence, we recommend to BUY Coal India share price around ₹375-370, keeping a stop loss at ₹362 for a potential Target of ₹395.
CG Power
CG Power and Industrial Solutions has exhibited a robust consolidation pattern near the cluster of its EMAs on the daily time frame chart. The recent price action has indicated the initial emergence of momentum following a protracted period of inactivity. Additionally, the 14-day RSI has achieved a breakout from a descending trendline and has experienced a significant upward movement over the past couple of sessions. This suggests the potential for further upward movement in the near term.
Hence, we recommend to BUY CG Power share price around ₹680-670, keeping a stop loss at ₹650 for a potential Target of ₹710-720.
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.
