Stock market today: The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open flat on Thursday, 17 September, amid mixed global cues.
The Gift Nifty Live Chart shows a muted start for the Indian stock market today. By 7:19 AM, the Gift Nifty was trading around the 23,225 level, a discount of 47.3 points from the Nifty futures’ previous close of 23,272.30.
The domestic equity indices ended higher in the previous session, with the benchmark Nifty 50 closing above 23,200 level.
The Sensex rose 332.63 points, or 0.45%, to close at 74,336.45 , while the Nifty 50 settled 99 points, or 0.43%, lower at 23,217.60.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
After witnessing a deep cut from the highs on Tuesday, Nifty 50 sustained the Tuesday’s lows of on Wednesday and managed to show a modest bounce back of 99 points. A small positive candle was formed on the daily chart with minor upper and lower shadow. Itseems Nifty 50 found minor support around 23100 levels (previous opening upside gap of 8th April and swing lows of early part of June), but the volatility was observed around the supports.
Though, Nifty 50 placed at the important lower supports around 23,100-23,000 levels, there is no signs of any strong upside recovery from the lows. The bearish pattern like lower tops and bottoms is intact on the daily chart and present bounce back is expected to form another lower top around the hurdle of 23,400-23,500 levels. However, any slide below 23,000 could open another round of sharp weakness.
Stocks to buy
Buy Aegis Logistics at ₹1,381, Target at ₹1,492, Stoploss at ₹1,328, Timeframe 2-3 weeks
The stock price has been in a larger consolidation pattern over the last couple of months. The overall medium term chart pattern indicates a formation of bullish flag type pattern on the weekly chart. Further sustainable upsides from here could open a decisive break out of the bullish pattern around ₹1,430-1,440 levels.
Sell Vedanta at ₹256, Target at ₹238, Stoploss at ₹265, Timeframe 2-3 weeks
The metal stock has been in a downward correction over the last few weeks. We observed a formation of bearish lower top formation recently. Currently, placed at the edge of breaking below the crucial support of 200-day EMA around ₹253 levels. Bearish volume and RSI pattern indicates more weakness for the stock price in the near term.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
