Stock market today: The Indian stock market began slightly elevated on Thursday, with initial trading reflecting modest increases across both indices. At 12:10 IST, the NSE Nifty 50 was at 25,134 . 65, rising by 88.70 points or 0.36%, while the BSE Sensex reached 81,974.63, up 200.97 points or 0.25%.
Market analysts noted that favorable international sentiment helped sustain stability in the domestic indices, as investors looked for more clarity on global events.
Experts indicated that the early upward movement occurred amidst mixed global signals and decreasing geopolitical tensions in the Middle East. Indian markets have experienced two consecutive days of net inflows from Foreign Portfolio Investment (FPI).
Reports suggest that the RBI has accumulated a USD 15 billion position in the offshore NDF markets to safeguard the Rupee, which should lend some support to the Rupee, currently the weakest-performing Asian currency this year.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
Nifty 50
After showing weakness with high volatility on Wednesday, Nifty 50 shifted into volatility with positive bias so far Thursday and is currently trading higher by 59 points. A small positive candle was formed on the daily chart with long upper shadow so far today. We observe two back-to-back long upper shadows in the candles in last two sessions which indicates sell on rise opportunity. Post sharp upmove of the previous few sessions Nifty 50 is now in a minor downward correction mode.
The near-term uptrend of Nifty 50 remains intact and present consolidation/weakness could be completed near the support of 25,000-24,900 levels in the next few sessions. The crucial overhead resistance to be watched around 25,200 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 – IDFC First Bank Ltd, and National Aluminium Company Ltd (NALCO).
Buy IDFC First Bank at ₹72.60; Target at ₹78; Stoploss at ₹69; Timeframe 1 week
The down trend of the last few weeks seems to have reversed up sharply so far this week. We observe a formation of crucial higher bottom reversal pattern at ₹68.50. The stock price is in an attempt of moving above symmetrical triangle pattern at ₹72-73 levels as per weekly chart. Volume has started to expand during upside breakout in the stock price and RSI shows positive indication
Buy National Aluminium Company Ltd (NALCO) at ₹229.05; Target at ₹245; Stoploss at ₹220; Timeframe 1 week
NALCO share price has been in a sustainable upmove in the last 5-6 sessions. We observe bullish pattern like higher highs and lows as per daily timeframe chart. Presently, the stock price is moving above the hurdle of 225 levels. Volume pattern and daily RSI shows positive indication.
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.
