Stock market today: Domestic benchmark indices Nifty 50 and BSE Sensex traded higher in early deals on Thursday, April 16, tracking gains in Asian markets as easing oil prices and hopes of a potential US-Iran peace deal boosted investor sentiment.
The Nifty 50 rose 0.13% to 24,263.85, while the Sensex gained 0.15% to 78,228.08 as of 11:41 IST, extending momentum after both indices hit a one-month high in the previous session.
Sentiment was supported after US President Donald Trump said Israel and Lebanon would hold talks later in the day. Additionally, reports indicated that Iran may allow ships to pass freely through the Omani side of the Strait of Hormuz as part of ongoing negotiations, easing supply concerns.
Sectorally, 11 of the 16 major indices traded in the green, while broader markets remained positive, with small-cap and mid-cap indices rising 0.5% and 0.3%, respectively.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
Nifty 50
The upside momentum continued in the market so far Thursday and Nifty 50 is currently trading higher by 65 points. We observe sharp upside in Nifty 50 in the last two weeks and the bullish pattern like higher tops and bottoms have started to form on the daily chart. The recent upside gaps of 8th and 15th April remains unfilled, which is positive indication and signals more upside.
Nifty 50 is currently placed at the hurdle of 24,400 levels (previous opening down gap of 9th March). There is a possibility of consolidation or minor weakness from the highs, which could be a buying opportunity for the short term. On the move above 24,400, Nifty 50 could reach towards the next hurdle of 24,800 levels in the near term. Immediate support is placed at 24,100 levels.
Buy Syrma SGS Technology at ₹937, Target at ₹995, Stoploss at ₹910, Timeframe 1 week
Syrma SGS Technology share price has been in a sharp uptrend over the last few weeks. We observe bullish pattern like higher tops and bottoms on the weekly chart. The stock price has now started to break above the crucial hurdle of ₹900-910 levels. Volume has started to expand during upside breakout in the stock price and daily RSI shows positive indication.
Buy Transformers & Rectifiers at ₹310, Target at ₹330, Stoploss at ₹300, Timeframe 1 week
After showing weakness amidst range movement over the last 5-6 weeks, Transformers & Rectifiers share price has shifted into a sustainable bounce back so far this week. Presently, placed at the edge of decisive breakout of down sloping trend line at ₹910-915 levels. Daily RSI has turned above 60 levels indicating strengthening upside momentum in the stock price.
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.
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