Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, experienced a decline on Friday, heading towards their largest weekly decrease in approximately 15 months due to the intensifying conflict in the Middle East, which kept Brent crude prices high and pushed investors away from riskier assets.
As of 10:32 IST, the Nifty 50 and BSE Sensex each dropped around 1.1%, reaching 23,347 . 55 and 75,207.96, respectively. The indices have suffered losses of 4.5% and 4.8% this week, positioning them for their most significant decline since December 2024.
Out of the 16 major sectors, 15 saw a downturn, while the broader small-cap and mid-cap indices fell by 1.8% and 1.5%.
Brent crude oil futures remained near the $100 per barrel mark reached in the last session, driven by the ongoing conflict in the Middle East and supply interruptions through the vital Strait of Hormuz.
Major financial institutions, including banks and private banks, experienced a decline of approximately 1.5% each, while state-owned banks dropped by 2%.
Market analysts linked the persistent downturn to ongoing selling by foreign portfolio investors (FPIs) and global market unpredictability stemming from the current crisis in West Asia.
Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP – Technical and Derivatives Research, Axis Securities
Nifty 50
Currently, the benchmark index is trending lower, forming a series of lower tops and bottoms, indicating a short-term downtrend. The prices are sustaining below their 20, 50, 100, and 200-day SMAs, which reconfirms the downtrend. Overhead resistance is placed around the 23,800 level; a sustainable close above this level may cause a bounce back toward 24,000–24,400. On the downside, the 23,400–23,200 levels will act as a crucial support zone. The daily and weekly strength indicator RSI remains weak, indicating rising weakness.
Linde India Ltd – ₹7,200
With current price action, the stock has decisively surpassed the past ten months’ resistance zone of 7,000, accompanied by huge volumes indicating a positive bias. The stock is well placed above its 20, 50,100 and 200-day SMA. These averages are also inching up along with rising prices, which reconfirms a bullish trend. The daily and weekly Bollinger Band buy signals indicate increased momentum. The daily, weekly and monthly strength RSI is in positive territory, signalling rising strength.
Investors should consider buying, holding, and accumulating Linde India shares. Its expected upside is ₹7,450-7,600, and its downside support zone is the ₹7,000-6,800 levels.
ACME Solar Holdings Ltd – ₹240
With the current close, the stock confirmed a “Cup & Handle” formation breakout at the 238 level, accompanied by huge volumes indicating a positive bias. Additionally, the stock has experienced a short-term trend reversal, indicating bullish sentiment. The bullish crossover of the 20-day and 50-day SMAs signifies a bullish trend. The daily and weekly strength RSI is in positive territory, signalling rising strength.
Investors should consider buying, holding, and accumulating ACME Solar Holdings shares. Its expected upside is 255-265, and its downside support zone is the 230-225 levels.
Ajanta Pharma Ltd – ₹3,115
Since Jan’24, the stock has continuously faced resistance around the ₹3,050–3,070 levels. However, with the current price action, the stock has decisively surpassed this resistance zone on a closing basis, indicating a positive bias. The stock is well placed above its 20, 50,100 and 200-day SMA. These averages are also inching up along with rising prices, which reconfirms a bullish trend. The daily “Bollinger Band” buy signals indicate increased momentum. The daily, weekly and monthly strength RSI is in positive territory, signalling rising strength.
Investors should consider buying, holding, and accumulating Ajanta Pharma shares. Its expected upside is ₹3,250-3,350, and its downside support zone is the ₹3,040-3,000 levels.
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.
