Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, started off lower on Monday, mirroring trends in Asia, as the US launched strikes on significant Iranian nuclear facilities over the weekend, increasing concerns about global trade activities. The US’s military action against key Iranian nuclear sites represents the largest Western strike against the Islamic Republic since the 1979 revolution, in collaboration with Israel.
As of 9:15 IST, the Nifty 50 had decreased by 0.69% to 24,939.75, while the Sensex dropped by 0.85% to 81,704.07.
According to Rupak De of LKP Securities, as long as the index stays above 24,850, it remains a ‘buy on dips’ market. On the upside, Nifty 50 could head towards 25,350. De recommends buying Indus Towers, Nava, and Central Depository Services (India) amidst Israel-Iran War.
Technical views by Rupak De, Senior Technical Analyst, LKP Securities on F&O market:
After three days of consolidation, Nifty 50 saw a sharp bounce, signaling a resumption of its short-term uptrend. It has also reclaimed the 21-day EMA, which adds strength to the current momentum. As long as the index stays above 24,850, it remains a ‘buy on dips’ market. On the upside, Nifty 50 could head towards 25,350 and possibly even higher.
Open Interest Analysis: Significant open interest additions were observed in 25,000 and 25,100 Puts and while some OI addition seen at 25,400 Calls; however, Call writings were relatively muted on Friday. Maximum OI buildup was seen at 25,500 CE. Meanwhile, substantial put writing at the 25,000 strike.
Strategy: Strength might increase if Nifty 50 sustains above 25,100.
Trade: Buy Nifty June 25,200CE Above 110 TGT 180 SL 69.
Buy Indus Towers Ltd at ₹404.60 | TGT: ₹430 | SL: ₹389
Indus Towers share price has moved up sharply following a period of sideways consolidation on the daily chart, indicating rising optimism. Moreover, the 21EMA and 50EMA have given a bullish crossover, supporting the positive view. The RSI is in a bullish crossover and rising. The current setup aligns well with a bullish outlook, with the price likely to rise towards ₹430. On the lower end, support is placed at ₹389.
Buy Nava Ltd at ₹565 | TGT: ₹600 | SL: ₹539
Nava share price has given a rounding bottom breakout on the daily chart, suggesting bullishness. In addition, the 21EMA and 50EMA have given a bullish crossover, reinforcing the positive view. The RSI is in a bullish crossover and rising on the hourly chart. The current setup supports a bullish outlook, with the price expected to move towards ₹600. On the lower end, support is placed at ₹539.
Buy Central Depository Services (India) Ltd (CDSL) at ₹1,680 | TGT: ₹1,900 | SL: ₹1,629
After a brief correction, the stock looks poised to rise again. The price found support at the 21EMA before moving higher, signalling positive sentiment. The RSI is in a bullish crossover and rising on the hourly chart, indicating early signs of strengthening momentum. The current setup supports a bullish view, with the price likely to move towards ₹1,900. On the lower end, support is placed at ₹1,629.
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.
