Stock market today: Indian stock markets were subdued on Thursday, mirroring the performance of Asian counterparts, as concerns regarding the future of Federal Reserve Chair Jerome Powell affected investor sentiment, along with a decline in Tech Mahindra following a slight revenue shortfall.
As of 11:56 IST, the Nifty 50 and the BSE Sensex were flat, standing at 25,189 . 40 level and 82,540.24 level, respectively.
The small-cap and mid-cap indices, which tend to focus more on domestic markets, remained largely unchanged.
Investor worries regarding Powell’s future and a possible change in monetary policy may influence the US dollar, affect the trajectory of interest rates, and impact capital movement into emerging markets like India.
In trade-related updates, Trump mentioned that the US is nearing a trade agreement with India, although analysts observed that market reactions to such statements about trade agreements are unlikely to be significant until more details are available.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
Nifty 50
After showing a reasonable bounce back from the lower support of 25K mark recently, the market was not able to continue its upside momentum on Thursday. Nifty 50 slipped into weakness amidst range bound action. Nifty 50 is now facing stiff resistance around 25,250 and a sustainable move above this hurdle could open the next upside towards 25,550 levels in the near term. The volatility is expected due to ongoing results season in the near term. Crucial supports to be watched around 25,000 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 – PNC Infratech Ltd, and Godawari Power and Ispat Ltd.
Buy PNC Infratech at ₹322, Target at ₹342, Stoploss at ₹308, Timeframe 1-2 weeks.
After showing minor weakness with range bound action in the last couple of weeks, the stock price has witnessed upside breakout of the range movement on Thursday. The crucial hurdle like 200day EMA has been surpassed on the upside at ₹315 and the stock price trading above it.
Buy Godawari Power and Ispat at ₹195.20, Target at ₹207, Stoploss at ₹188, Timeframe 1-2 weeks.
The consolidation movement of the last few weeks seems to have ended and the stock price has broken on the upside on Thursday. We observe a sustainable upside breakout with rise in volume. Daily 14 period RSI shows positive indication.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
