Stock market today: Domestic stock indices began the day on a positive note on Thursday, as investor sentiment strengthened following US President Donald Trump’s decision to retract tariff threats against European countries, referencing a preliminary agreement regarding Greenland.
Encouraging signals from global markets, combined with hopes of a possible trade agreement between India and the US, bolstered initial advances in the market.
The Nifty 50 index began the day at 25,344.15, showing an increase of 186.65 points or 0.74%. The Sensex started at 82,459.66, rising by 550.03 points or 0.67%.
Market analysts noted that a reduction in global trade tensions was a significant factor behind the surge.
Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One
Once again, Nifty 50 began the session with a gap-down opening, and selling pressure intensified during the first couple of hours, dragging the index close to the 24,900 mark. Fortunately, some recovery emerged in the second half, allowing prices to rebound towards the 25,300 zone. However, amid heightened volatility, Nifty 50 eventually ended the session marginally above 25,150, registering a decline of 0.30%.
The index has now slipped for the third consecutive session and is trading just above its long-term 200-DMA. Intraday price action reflected uncertainty, as prices reached key long-term support levels with oscillators in the oversold zone, triggering a bounce. However, the upside remained capped, resulting in an indecisive candlestick formation on the daily chart, known as a “Spinning Bottom”. Given the recent price behaviour, we remain cautious.
In the absence of a clear bullish reversal signal, further downside cannot be ruled out, with the weekly 50-EMA placed around the 24,900–24,800 zone acting as immediate support. On the flip side, the high of today’s session near 25,300 coinciding with the November swing high, stands out as a stiff hurdle. A decisive move above this level could trigger short covering and a short-term pullback. Volatility is expected to remain elevated, and traders are advised to avoid taking undue risks.
Stocks To Buy on Thursday- Osho Krishan
On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks – Hindustan Copper, and Ramco Cements.
Hindustan Copper
Hindustan Copper is currently in a sustained upward trend, consistently above its significant exponential moving averages (EMAs) and exhibiting higher highs. The technical indicators are in strong alignment with the prevailing price momentum.
Hence, we recommend a BUY in Hindustan Copper around ₹550 with a Stop Loss of ₹510 and a Target of ₹600.
Ramco Cements
Ramco Cements has shown a rebound from the ₹980 subzone in recent sessions, coinciding with the 200-day SMA, which indicates the onset of a counter-trend. From a technical perspective, the MACD histogram has shown buying momentum, resulting in a positive crossover. Furthermore, the cycle of higher highs – higher lows, followed by a strong buying emergence above the 20 DEMA, suggests that upward momentum is likely to continue in the near future.
Hence, we recommend a BUY in Ramco Cements around ₹1,060-1,050 with a Stop Loss of ₹1,010 and a Target of ₹1,120-1,140.
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.
