Stock market today: Indian benchmark indices Sensex and Nifty 50 opened higher on Thursday, supported by a sharp decline in crude oil prices after Qatar said the US and Iran had made “positive progress” in indirect negotiations that concluded on Wednesday.
At 9:15 IST, the Nifty 50 was up 0.23% at 24,062.20, while the BSE Sensex gained 0.21% to 77,083.14.
According to a Reuters report, negotiators from Iran and the US held two days of indirect talks in Doha, focusing on maritime traffic through the Strait of Hormuz and the release of Iran’s frozen funds—two key issues under the initial framework agreement.
Qatar’s Foreign Ministry said the next round of talks will be held after the funeral ceremonies of Iran’s late Supreme Leader Ayatollah Ali Khamenei, who is scheduled to be buried on 9 July. Meanwhile, Brent crude slipped below $71 per barrel, boosting sentiment in oil-importing markets such as India.
Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One
The new monthly expiry began on a buoyant note, as buyers once again defended immediate support levels. Starting the session with a gap up, bulls maintained momentum, aided by strong support from Bank Nifty, pushing Nifty 50 higher by over 150 points in the early part of the session. Thereafter, as prices approached the prior session highs, momentum gradually faded, leading to sideways price action for the remainder of the session. The index eventually closed just above the psychological 24,000 mark, registering a 0.59% gain.
No significant changes were observed in the technical structure, as prices remained largely confined to the previous trading session’s range. Staying consistent with the outlook shared in the prior commentary, we do not anticipate a meaningful expansion in directional momentum unless we witness a convincing breakout above the 24,100–24,200 band on the upside or a breakdown below the 23,850–23,800 zone on the downside.
The ongoing sideways price action is further highlighted by the formation of a Bullish Broadening pattern on the 1-minute 0.25% × 3 Point & Figure chart, reflecting the whipsaw nature of the current market activity. While this pattern generally precedes a trending move, the index has instead extended its consolidation phase by forming a Triangle pattern, further reinforcing the lack of clear direction at the current juncture. That said, the ability of buyers to hold prices around a prior swing high, which had earlier acted as a strong resistance zone and has now been defended for nearly 15 days, has slightly shifted the balance of power in favour of buyers. Participants should remain patient and wait for a decisive breakout beyond the mentioned levels, with participation ideally aligned with the eventual breakout.
In terms of levels, the 24,100–24,200 band remains an immediate hurdle, followed by a stronger resistance zone in the 24,350–24,450 band. On the downside, immediate support is at the 23,850–23,800 band, followed by a stronger support zone at the 23,650–23,500 area.
While the indices remain devoid of meaningful directional momentum, participants should continue to adopt a stock-specific approach, with broader markets displaying strength and offering better trading opportunities.
Stocks To Buy on Thursday- Osho Krishan
On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks – Central Depository Services Ltd (CDSL), and Indian Hotels Company Ltd.
CDSL has strengthened its technical position after rebounding from the 1,200-1,180 support zone and sustaining above its short and medium-term EMAs. The chart structure suggests an emerging reversal pattern, reinforced by a bullish RSI crossover. With momentum gradually improving after the correction from 200 DSMA and regaining strength from its EMAs. The stock presents a favourable risk-reward opportunity for investors with a short to medium-term horizon.
Hence, we recommend a BUY in CDSL around ₹1,320-1,300 with a Stop Loss of ₹1,250 and a Target of ₹1,405-1,428
Indian Hotels Company continues to maintain a strong structural uptrend, marked by a consistent formation of higher highs and higher lows across multiple time frames, reflecting sustained bullish momentum. The stock has recently bounced off its 20 DSMA, signalling robust buying interest at lower levels. With technical indicators remaining supportive and price action constructive, the stock appears well positioned to reach new highs and potentially enter uncharted territory in the near term.
Hence, we recommend a BUY in Indian Hotels around ₹710-700 with a Stop Loss of ₹685 and a Target of ₹754-762.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
