Stock market today: The domestic benchmark indexes, Nifty 50 and Sensex, saw slight gains in early trading on Thursday, driven by IT stocks as strong earnings from Nvidia helped boost Asian tech stocks and enhanced market sentiment, although analysts predict that risk appetite may remain low due to a lack of domestic catalysts.
As of 11:20 IST, the Nifty 50 increased by 0.19% to reach 25,532.60, while the BSE Sensex rose by 0.14% to hit 82,393.44.
In the wider markets on the NSE, mixed trends were noted. The Nifty 100 index experienced an increase of 0.06%, while the Nifty Midcap 100 climbed by 0.19%. Conversely, the Nifty Smallcap 100 saw a decrease of 0.15%.
Sectoral indices witnessed mixed trends. Nifty IT stood out as the leading gainer, increasing by 0.77%, closely followed by Nifty PSU Bank, which gained 0.84%, Nifty Pharma with a rise of 0.39%, and Nifty Oil & Gas, which saw an increase of 0.18%.
Robust institutional buying also bolstered the markets, as foreign portfolio investors (FPIs) acquired equities worth ₹2,991 crore and domestic institutional investors (DIIs) purchased shares valued at ₹5,118 crore in the last session.
Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One
On the daily chart, prices continue to hover near a crucial support zone of 25,400–25,300, which aligns with multiple swing lows, a bullish gap, and the long-term 200DSMA. As long as this zone holds, bulls may attempt a rebound. A decisive breach, however, could open the door for further weakness toward the 25,000 mark. On the upside, today’s high aligning with yesterday’s high near 25,650 remains a key trigger level. This zone also coincides with the 20 and 50 DEMA. A sustained move above it could revive positive momentum and push the index toward 25,850–26,000.
For now, the index remains range-bound between 25,300 and 25,650, and a breakout on either side could determine the next directional move. While the benchmark index continues to consolidate, Nifty Midcap Select has demonstrated relative strength. It has not only crossed yesterday’s high but also Monday’s high, forming a structure resembling a “Morning Star,” which reflects improving sentiment on the broader market charts. Traders are therefore advised to focus on stock-specific opportunities for potential outperformance.
Additionally, the rollover for the benchmark index came in at 68% compared to the average of 71%. Coupled with a reduction in open interest, this suggests unwinding of short positions as we enter the March series.
Bank Nifty outperformed significantly, marking fresh record highs and gaining over 3%, supported by fresh open interest addition. Its rollover was also above average, indicating that while broader markets remain range-bound, the banking space may continue to exhibit relative strength.
Stocks To Buy on Thursday- Osho Krishan
On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks – Central Bank of India, and Engineers India Ltd.
Central Bank of India has recently demonstrated considerable buying interest, surpassing all major EMAs and the 200-DSMA after an extended duration. In the recent trading sessions, the stock has also showcased a weekly consolidation breakout, after a brief period of stabilization, adding to the bullish quotient. The technical indicators are strongly aligned with a bullish perspective, indicating the potential for a notable surge in the near future.
Hence, we recommend a BUY in Central Bank of India around ₹38 with a Stop Loss of ₹34 and a Target of ₹560-46-48.
Engineers India has shown a rebound from the lows of the 165 subzone in the last one month and has surged above its 20 and 50 DEMA, with a strong breakout. From a technical perspective, the counter is in the formation of a Flag pattern, adding to the bullish quotient in the counter. Furthermore, the MACD histogram also portrays a bullish reversal signal on the daily time frame.
Hence, we recommend a BUY in Engineers India around ₹220-215 with a Stop Loss of ₹200 and a Target of ₹250-260.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
