Stock market today: Indian equity benchmarks opened higher on Thursday, buoyed by gains across Asian markets after crude oil prices slipped to pre-Iran conflict levels amid signs of progress in US-Iran peace negotiations.
At 9:15 IST, the NSE Nifty 50 advanced 0.43% to 24,125.85, while the BSE Sensex gained 0.52% to trade at 77,391.07.
Market breadth remained positive, with 15 of the 16 major sectoral indices trading in the green. Broader markets also participated in the rally, as both the Nifty Midcap and Smallcap indices rose around 0.4%.
Investor sentiment was supported by a further decline in crude oil prices. Brent crude slipped 1.7% to $72.5 per barrel, easing concerns over inflation and economic growth for India, one of the world’s largest oil-importing nations.
Asian equities climbed as much as 1.3%, aided by softer oil prices and strong earnings and guidance from semiconductor giants Micron and Qualcomm, easing concerns about stretched valuations in the artificial intelligence-led market rally.
Domestic markets have remained resilient in recent sessions, with both the Sensex and Nifty gaining nearly 4% over the past nine trading sessions. The rally has largely been driven by cooling crude prices and improving global risk sentiment following progress in the US-Iran peace deal.
Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One
The Indian equity markets opened on a muted note; however, sentiment improved as easing crude oil prices and stability across Asian markets boosted investor confidence. Strong buying in banking and financial stocks, coupled with a recovery in the IT sector, propelled the Nifty 50 higher, ending the session up 0.83% above the 24,000 mark.
Technically, there have been no significant alterations in the price chart as the benchmark index remained hesitant to surpass the crucial juncture of 24,100-24,150 zone. However, the recovery from the previous session’s sharp decline reflects underlying resilience and sustained buying interest at lower levels, indicating a supportive undertone despite prevailing caution. On the levels front, the pivotal support is placed at 23,900, while the recent swing low and the 20-DEMA near 23,780 strengthen the support base. These levels are likely to provide stability during short-term corrective phases. Meanwhile, 24,150 remains the key resistance zone, and traders may consider accumulating on declines until a convincing breakout unfolds.
Given the week-ending session ahead, market participants may consider adopting a prudent approach rather than chasing aggressive trades. Emphasis should remain on thematic outperformers and stocks exhibiting strong relative strength, as these are likely to continue attracting trader interest amid evolving market dynamics.
Stocks To Buy on Thursday- Osho Krishan
On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks – HDFC Bank Ltd, and Emcure Pharmaceuticals Ltd.
HDFC Bank has strengthened its technical position after rebounding from the 735 support zone and sustaining above the 20-DEMA. The chart structure suggests an emerging reversal pattern, reinforced by a bullish RSI crossover. With momentum gradually improving, the stock presents a favourable risk-reward opportunity for investors with a short to medium-term horizon.
Hence, we recommend a BUY in HDFC Bank around ₹785-780 with a Stop Loss of ₹750 and a Target of ₹830-850
Emcure Pharmaceuticals continues to maintain a strong structural uptrend, marked by a consistent formation of higher highs and higher lows across multiple time frames, reflecting sustained bullish momentum. The stock has recently bounced off its 20-DEMA, signalling robust buying interest at lower levels. With technical indicators remaining supportive and price action constructive, the stock appears well positioned to reach new highs and potentially enter uncharted territory in the near term.
Hence, we recommend a BUY in Emcure Pharma at ₹1,800-1,820, with a Stop Loss of ₹1,700 and a Target of ₹1,950-2,000.
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.
