Stock market today: Equity benchmark indices Sensex and Nifty 50 experienced a surge on Thursday, continuing their upward trend for the third consecutive day, fueled by optimism following a ceasefire between Iran and Israel. The 30-share BSE Sensex increased by 398.09 points, reaching 83,153.60 at 12:55 IST. The 50-share NSE Nifty 50 rose by 128.45 points to hit 25,372.05.
According to market analysts, as geopolitical risks diminish, investors are now shifting their attention back to the US Federal Reserve and the upcoming US trade tariff deadline set for July 9.
On technical front, Nagaraj Shetti of HDFC Securities believes the next upside levels to be watched around 25,600 and immediate support is placed at 25,250. Shetti recommends two stocks to buy in the short-term. Here’s what he says about the overall market.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
Nifty 50
Nifty 50 continued its upside momentum on Thursday and is currently showing minor volatility at the swing highs of around 25,400. The broader high low range of 24,500-25,200 has been taken out on the upside recently and Nifty 50 is currently trading at the highs. This price action could be considered as an upside breakout of broader high low range movement. The next upside levels to be watched around 25,600 and immediate support is placed at 25,250.
Technical Picks: Stocks to buy in the short-term
Nagaraj Shetti of HDFC Securities recommends these two stocks to buy in the short-term – Bajaj Finserv Ltd, and Tata Steel Ltd.
Buy Bajaj Finserv at ₹2,028, Target ₹2,130, Stoploss ₹1,970, Timeframe 1-2 weeks
After showing a range bound action over the last few weeks, the stock price is currently in an attempt of decisive upside breakout of downside sloping trend line. The stock price is sustaining above the daily 10 & 20 period EMA. The overall chart pattern indicates bullish setup.
Buy Tata Steel at ₹157.50, Target at ₹166, Stoploss at ₹152, Timeframe 1-2 weeks
After witnessing an upside breakout of the down sloping trend line at ₹154 recently, the metal stock has been in a sustainable upmove since then in the last couple of sessions. The current price action indicates a formation of bullish pattern like higher tops and bottoms. The volume and RSI shows positive indication for the near term.
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.
