Stock market today: Indian benchmark indices experienced a lackluster performance on Thursday, as investors considered geopolitical tensions with Pakistan, ongoing worries about inflation, and unemployment challenges in the United States.
The Nifty 50 remained flat at 24,400.85, while the Sensex showed slight movement at 80,802.75, as of 12:22 IST.
Market analysts believe that the uncertainty surrounding Pakistan’s potential response to India’s Operation Sindoor will affect market sentiment. From a market viewpoint, it is crucial that the conflict does not escalate. An escalation could have multiple negative consequences, including implications for India’s fiscal consolidation efforts. If the Monetary Policy Committee is to pursue rate cuts, fiscal discipline will be vital. In light of the current uncertainty, investors may choose to adopt a wait-and-see approach regarding developments in India-Pakistan tensions.
From a technical perspective, Nagaraj Shetti of HDFC Securities suggests that a clear breakthrough above 24,600 for Nifty 50 may reignite buying interest in the market. Shetti has recommended Mastek, and Aegis Logistics shares to buy in the short-term.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
After showing a sustainable upside bounce on Wednesday, Nifty 50 shifted into a consolidation today and is currently trading lower by 10 points. The overall trend of Nifty 50 is range bound and any weakness from here could find support around 24,250-24,200 levels. However, a decisive move above 24,600 could open renewed buying enthusiasm in the market.
Technical Picks: Stocks to buy in the short-term
Nagaraj Shetti of HDFC Securities recommends these two stocks to buy in the short-term – Mastek Ltd, and Aegis Logistics Ltd.
Buy Mastek at ₹2,192 with a target of ₹2,320 and a stoploss of ₹2,225. Timeframe 1 week.
The recent downward correction in this IT stock seems to be over and the stock price has bounced back smartly from the lower levels. We observe a formation of higher bottom at ₹2025. Volume and RSI indicates positive pattern.
Buy Aegis Logistics at ₹842 with a target of ₹895 and a stoploss of ₹815. Timeframe 1 week.
Aegis Logistics share price witnessed a sharp upside breakout of the sideways range movement so far today. The stock price is expected to advance towards the next hurdle of down sloping trend line at ₹870-880 in the short term. Volume and RSI shows positive indication.
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.
