Stock market today: Indian stock markets showed an upward trend on Thursday, but caution lingered as investors expressed concerns over the impending US tariff deadline.
As of 12:45 IST, the Nifty 50 index stood at 25,505.10, up by 51.70 points or 0.20%. Likewise, the BSE Sensex reached 83,540.74, reflecting a slight increase of 131.05 points or 0.16%.
Market analysts pointed out that while domestic influences are bolstering the market, global fluctuations, particularly the uncertainties surrounding the US-India trade agreement, are keeping traders on high alert.
On the technical front, Nagaraj Shetti of HDFC Securities, believes the next overhead resistance for Nifty 50 is to be watched around 25,700 levels. 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
After showing minor downward correction in the last few sessions, Nifty 50 has bounced back on Thursday and is currently trading higher by 95 points. Bullish pattern like higher tops and bottoms is intact on the daily chart and the recent swing low of 25,378 could be considered as a new higher bottom of the pattern. Nifty 50 is currently placed at the support of ascending trend line around 25,400 levels. The next overhead resistance to be watched around 25,700 levels.
Technical Picks: Stocks to buy in the short-term
Nagaraj Shetti of HDFC Securities recommends these two stocks to buy in the short-term – Havells India Ltd, and Natco Pharma Ltd.
Buy Havells India at ₹1,585, Target 1,690, Stoploss 1,535, Timeframe 1 week
After showing minor downward correction in the last few sessions, Havells India share price has shifted into a sustainable bounce so far on Thursday. The present upmove could push the stock price towards the breakout of 200day EMA at ₹1600 levels soon. Bullish pattern like higher tops and bottoms is intact on the daily chart.
Buy Natco Pharma at ₹953, Target ₹1,010, Stoploss ₹925, Timeframe 1 week
Natco Pharma share price has been moving in a larger consolidation band over the last few months. Presently, the stock price is in an attempt of upside breakout of triangle pattern at ₹955 levels. Rise in volume and positive RSI indicates more upside for the short 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.
