Stock market today: Indian stock markets witnessed a slight rise following a flat opening on Thursday, the final trading day of the week, as the markets will be closed on Friday to observe the Independence Day holiday.
The Nifty 50 rose over 14 points to 24,635 . 05 and the BSE Sensex gained over 70 points to 80,610.88, as of 12:48 IST.
Investors are closely monitoring the weekend meeting in Alaska between US President Donald Trump and his Russian counterpart, which could have an impact on market perceptions for the upcoming week.
Analysts suggest that a consensus reached at the Alaska meeting could spark a rally next week; however, for the time being, the markets are expected to remain steady.
Experts indicate that the conditions are conducive for a recovery, but the economy and corporate earnings must demonstrate resilience. Currently, the market is in a wait-and-see position as the nation prepares to commemorate Independence Day, with particular attention on events in Alaska.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
Nifty 50
Nifty 50 continued to move up on Thursday amidst range bound action and is currently trading higher by 38 points. Small candle formations recently signals that the market is awaiting geo-political events during long weekend. Nifty is currently placed at the crucial hurdle of 24,650-24,700 levels and a sustainable move above this hurdle could open sharp upside for the short term. Immediate support is placed at 24,500.
Technical Picks: Stocks to buy in the short-term
Nagaraj Shetti of HDFC Securities recommends these two stocks to buy in the short-term – Caplin Point Laboratories Ltd, and SBFC Finance Ltd.
Buy Caplin Point Laboratories at ₹2,145, Target at ₹2,255, Stoploss at ₹2,085, Timeframe 1 week
After witnessing a sharp upmove on Wednesday, the stock price is currently showing consolidation movement. Bullish pattern like higher tops and bottoms is intact and the stock price has formed a new higher low. Upside breakout of down sloping trend line was also seen on the chart. The overall chart pattern indicates more upside.
Buy SBFC Finance at ₹105.40, Target at ₹110, Stoploss at ₹103, Timeframe 1 week
After showing a range bound action in the last few sessions, the stock price has shifted into an upside breakout of the range on Thursday. We observe a larger double bottom type formation on the daily chart. Volume 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.
