Stock market today: Indian benchmark indices traded higher on Thursday, 21 May, as easing crude oil prices boosted investor sentiment amid growing optimism that the US could be nearing a deal with Iran to end the Middle East conflict. Investors also remained focused on key corporate earnings announcements.
As of 12:22 IST, the Nifty 50 rose 0.24% to 23,715 . 25, while the Sensex was trading flat at 75,395.04.
Market sentiment improved after US President Donald Trump said negotiations with Iran were in their final stages, raising hopes of a possible peace agreement in the region.
Adding to the optimism, shipping data showed that two Chinese oil tankers exited the Strait of Hormuz on Wednesday, signalling some easing of tensions around global energy supply routes.
Brent crude, which had plunged 5.6% in the previous session, edged 0.8% higher on Thursday and was trading near the $106 per barrel mark.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
Nifty 50
The Nifty 50 has witnessed high volatility so far today and is currently trading higher by 50 points. After opening with an upside gap of 170 points, the market struggled to sustain above the 23,800 level and slipped into gradual weakness in the early part of the session. Presently showing range-bound action, and the opening upside gap remains partially filled.
The underlying trend of Nifty 50 remains positive. A decisive move above the crucial hurdle of 23,850-23,900 levels could open sharp upside for the market in the near term. Immediate support is now placed at the 23,500 levels.
Buy Sumitomo Chemical India at ₹475.25, Target at ₹500, Stoploss at ₹460, Timeframe 1 week
Sumitomo Chemical share price has been moving up consistently as per bullish higher highs and higher lows on the daily chart. The crucial hurdle, like the 200-day EMA, has been surpassed on the upside. Volume pattern and daily RSI indicate a positive bias for the stock price ahead.
Buy Samvardhana Motherson International at ₹137.50, Target at ₹145, Stoploss at ₹133, Timeframe 1 week
After showing volatility around the ₹132-134 levels, Samvardhana Motherson share price has gained momentum on the upside so far today. Currently, placed at the edge of a decisive breakout of the hurdle around the ₹136-138 levels. Volume has begun to expand during the stock price breakout, and the daily RSI shows a positive signal.
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