Stock market today: India’s stock indices dipped on Thursday, pressured by high-weight financial stocks, as the global upsurge fueled by the US-China trade thaw came to a halt.
The Nifty 50 declined by 0.24% to 24,606.65, while the Sensex fell by 0.30% to 81,088.81 as of 11:24 IST.
Market observers noted that the inflow of Foreign Portfolio Investors (FPIs), which had bolstered the recent upward trend, appears to be reversing. Analysts attribute this change to developing global sentiments, particularly amid worries regarding the US-China trade agreement.
Experts indicated that the market might soon adopt a “Sell India, Buy China” approach, although some consolidation could occur in the short term.
Nagaraj Shetti of HDFC Securities expects Nifty 50 to find support around 24,500-24,400 levels in the short term. According to Shetti any weakness down to the supports could be a buy on dips opportunity. Nagaraj Shetti recommends Ujjivan Small Finance Bank Ltd, and Mphasis shares to buy.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
Nifty 50 continued to show consolidation movement on Thursday and is currently trading lower by 130 points. Nifty 50 is currently moving within a broader range and is expected to find support around 24,500-24,400 levels in the short term. Hence any weakness down to the supports could be a buy on dips opportunity. Immediate resistance is placed at 24,750.
Technical Picks: Stocks to buy in the short-term
Nagaraj Shetti of HDFC Securities recommends these two stocks to buy in the short-term – Ujjivan Small Finance Bank Ltd, and Mphasis Ltd.
Buy Ujjivan Small Finance Bank at ₹44.80, Target at ₹48.50, Stoploss at ₹42, Timeframe 1-2 weeks
The midcap banking stock has been in a sustainable uptrend over the last few weeks. We observe bullish chart pattern like higher tops and bottoms. The daily and weekly RSI shows positive indication.
Buy Mphasis at ₹2,585, Target at ₹2,750, Stoploss at ₹2,500, Timeframe 1-2 weeks
The IT stock price has been in an uptrend as per the bullish pattern like higher tops and bottoms over the last one month. It witnessed an upside breakout of crucial overhead resistance of 2,550 levels and is currently trading higher. Volume pattern and daily RSI indicates more upside for the near term.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
