Stock market today: The domestic benchmark indices and the rupee came under pressure on Monday, 11 May, a day after Narendra Modi urged measures such as fuel conservation, curbing imports, and limiting gold purchases amid rising energy costs and pressure on foreign exchange reserves.
India, the world’s third-largest oil importer and consumer, had indicated late last month that there was no proposal to raise retail fuel prices for diesel and petrol, even as global prices surged.
The Nifty 50 declined 1.04% to 23,923 . 95 as of 11:34 IST, while the BSE Sensex fell 1.17% to 76,426.28. The rupee weakened 0.7% to slip below the 95-per-dollar mark, with the central bank likely intervening to limit further losses.
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Vinay Rajani of HDFC Sec recommends buying NLC India and Apollo Hospitals shares. NLC India is suggested for a buy with a target of ₹355 and a stop-loss of ₹315. Apollo Hospitals is also recommended for a buy with a target of ₹8500 and a stop-loss of ₹7700.
Vinay Rajani suggests the Nifty 50 is currently trapped in a narrow range of 23,800–24,300 and has underperformed global peers. He advises holding longs with a stop-loss at 23,800, noting that a move above 24,600 could turn bullish.
NLC India’s share price is trading near its all-time high and has broken out from a bullish inverted head and shoulder pattern on monthly charts. Apollo Hospitals’ share price has also broken out from a bullish inverted head and shoulder pattern on weekly charts, coinciding with a breakout in the healthcare index on monthly charts.
Vinay Rajani notes that mid and small-cap segments are shining, with Nifty Midcap 100 hitting lifetime highs and Nifty Smallcap 100 rallying significantly from lows. He suggests a portfolio shift from Nifty 50 towards NSE ranks 51–100 due to broader market outperformance.
For Nifty 50, key support is at 23,800, with a potential slide towards 23,555 if it falls below. Resistance is at 24,600, and a move above could target 25,400. Bank Nifty eyes resistance at 56,400.
Indian markets underperformed their Asian peers amid the sell-off.
Meanwhile, Brent crude surged over 4.5% to around $106 per barrel, after Donald Trump rejected Iran’s response to a US peace proposal, calling it “unacceptable,” which reignited concerns over supply disruptions.
Market Views – Vinay Rajani, Senior Technical and Derivative Analyst, HDFC Securities
Nifty 50 Outlook
India’s benchmark Nifty 50 index has significantly underperformed global peers over the past year, declining 3.37% while markets like Korea surged 185%, Taiwan 90%, and Israel 70%. This “Great Divergence” extends to MSCI indices: Emerging Markets up 46%, Developed Markets up23%, but MSCI India barely moving at 0.07%. Nifty 50 is currently trapped in a narrow 23,800–24,300 range. Nifty 50 at 24,176 shows flat RSI and MACD, with key support at 23,800 and breakout resistance at 24,600; a decisive move above could reverse its bearish monthly trend.
In contrast, mid and small-cap segments shine brightly. Nifty Midcap 100 hit lifetime highs at 61,910 with bullish MACD and RSI, signalling structural upside. Nifty Smallcap 100 rallied 25% from lows (versus Nifty 50’s 11%), breaking trendlines, while Microcap 250 gained 28% on fresh breakouts—ideal for dip- buying. Nifty Next 50 at 71,495 also broke multi-tops with bullish indicators, prompting a portfolio shift from Nifty 50 toward NSE ranks 51–100. The Nifty500/Nifty50 ratio’s breakout has confirmed broader market outperformance.
Bank Nifty at 55,310 could see a breakout above 56,350 but risks sliding to 51,900 on weakness below 54,221. Healthcare dazzled with a multi-top breakout at 15,416, favouring stocks like Apollo Hospitals and Sun Pharma. Commodities bolster industrials: Bloomberg Index, copper, HRC steel, and iron ore have been showing firm uptrends, which signals rising demand for metals and benefiting miners and producers.
Nifty 50 and Bank Nifty remain in a consolidation, underperforming—so focus should be on mid- and small-caps.
For Nifty 50, hold longs with 23,800 stop; Below 23,800, Nifty could slide towards next support of 23,555. Above 24,600 turns bullish toward 25,400. Bank Nifty eyes 56,400 resistance.
2 stocks to buy in the near-term
Buy NLC India 330| Target ₹355 | Stop-loss ₹315
NLC India share price is trading near its all-time high with bullish momentum. The stock price has recently broken out from a bullish inverted head and shoulder pattern on the monthly line charts. Stock is placed above all important moving averages. Indicators and oscillators have been showing strength on the short to medium term charts.
Buy Apollo Hospitals 8050 | Target Rs. 8500 | Stop-loss Rs. 7700
Apollo Hospitals share price has recently broken out from bullish inverted head and shoulder pattern on the weekly line charts. Healthcare index has broken out on the monthly charts. Indicators and oscillators have been showing strength on the weekly and monthly charts.
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.
