Stock market today: The domestic stock markets continued to recover on Wednesday, March 25 starting positively as investor sentiment improved following reports of a potential ceasefire between the United States and Iran.
The Nifty 50 began trading at 23,064.40, up 152 points or 0.66%, while the BSE Sensex climbed by 581.67 points or 0.79% to start at 74,650.12.
Investors remained cautiously hopeful, despite ongoing volatility stemming from uncertainty around geopolitical events.
Crude oil prices showed signs of a downturn, with Brent crude decreasing by 4.78 percent to USD 99 per barrel, offering some relief to global markets.
In the commodities market, gold prices experienced a significant recovery, increasing by 3.37% to reach ₹143,600 per 10 grams for 24 karat gold. Silver prices also saw an increase of 4.82%, rising to ₹234,542 per kg.
Global signals were also positive, as US futures and Asian markets showed upward movement amid optimistic expectations for a possible one-month ceasefire.
Market Review and Outlook – Ruchit Jain, Head – Equity Technical Research, Wealth Management, Motilal Oswal Financial Services
Our markets have recently corrected sharply due to the global geopolitical tensions which has led to rise in crude oil prices. On the other hand, FIIs have been consistently selling equities and the INR is around its record low at 94.
However, last night, some positive news flows related to one-month cease fire has resulted in fall in Brent Crude to below 100 dollar, which was hovering around 114 dollars a couple of day’s ago. This could lead to a pullback move in our markets for the short term.
However, it is too early to determine if the worst is over as the news flows related to global geopolitical situation is likely to dictate the near term direction. Technically, 22,500 will be seen as the immediate support for the Nifty while on pullback moves, the resistance will be seen around 23,300 followed by 23,420. Traders are advised to be stock specific and avoid aggressive trades until some more clarity emerges.
Shares to buy or sell today – Ruchit Jain
On shares to buy or sell on Wednesday, Ruchit Jain recommends Bajaj Finance, and Granules stock to buy today.
Buy Bajaj Finance CMP at ₹849; SL at ₹800; TGT at ₹935
Post the recent correction, the stock has formed a ‘Bullish Hammer’ pattern on the daily charts which is a trend reversal pattern. The RSI readings are in oversold zone and the volumes have increased post the formation of this pattern. Hence, we advise short term traders to buy Bajaj Finance with a stoploss below ₹800 for potential target around ₹935.
Buy Granules CMP at ₹606; SL at ₹580; TGT 650
The stock has seen some consolidation in last one month and the 200 DEMA has acted as a good support in this consolidation. Prices are on verge of breakout now, and the daily and weekly momentum readings are hinting at a positive momentum. Hence, we advise short term traders to buy Granules with a stoploss below ₹580 for potential target around ₹650.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
