Stock market today: Indian stock markets were showing signs of weakness on Thursday, as investors remained wary of the potential for a US military strike and the unclear nature of Iran’s reaction. However, in the second half of the Thursday’s session, the benchmark indices rebounded with minor gains.
At 14:08 IST, the Nifty 50 index was at 24,835 . 10, up by 23.80 points or 0.11%. Likewise, the Sensex was at 81,544.35, having risen 96.84 points or 0.13%.
Market analysts have linked the cautious atmosphere to the risk of an intensifying conflict in the Middle East and concerns regarding a possible direct involvement by the US. Should this situation arise, significant selling pressure could be anticipated in global markets.
On the technical front, Nagaraj Shetti of HDFC Securities suggests Nifty 50 support to be watched around 24,750 and the next lower support is placed at 24,500. Nagaraj Shetti recommends Asahi India Glass, Swiggy shares to buy in the near-term.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
Nifty 50
After showing weakness from intraday highs on Wednesday, Nifty 50 shifted into a minor upside recovery from the day’s low on Thursday and is currently trading on a slightly positive note. The underlying trend of Nifty 50 is range bound for the short term. Immediate supports to be watched at 24,750 and the next lower support is placed at 24,500 as per the broader high low range. Immediate resistance is at 25,000.
Technical Picks: Stocks to buy in the short-term
Nagaraj Shetti of HDFC Securities recommends these two stocks to buy in the short-term – Asahi India Glass Ltd, and Swiggy Ltd.
Buy Asahi India Glass at ₹787, Target at ₹830, Stoploss at ₹755, Timeframe 1-2 weeks.
After showing a range bound action in the last couple of weeks, the stock price has witnessed an upside breakout on Thursday. The short term and long-term chart indicate a larger consolidation breakout for the stock price. Volume pattern and RSI indicates positive bias.
Buy Swiggy at ₹382.50, Target at ₹405, Stoploss at ₹371, Timeframe 1-2 weeks
The stock price has moved up sharply post healthy downward correction of last week. Bullish pattern like higher tops and bottoms has been formed as per daily timeframe chart. Volume expanded during upside breakout in the stock price and RSI shows positive indication.
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.
