Stock market today: The Indian stock markets started with upward momentum on Thursday, but investors remained wary due to concerns over the approaching US tariff deadline.
The Nifty 50 index commenced the day at 25,505.10, increasing by 51.70 points or 0.20%. In a similar fashion, the BSE Sensex opened at 83,540.74, reflecting a slight rise of 131.05 points or 0.16%.
Market analysts pointed out that although domestic elements are bolstering the market, global fluctuations, particularly uncertainties surrounding the US-India trade agreement, are making traders cautious.
On the technical front, Osho Krishan of Angel One believes the 25,300 level is anticipated to provide strong support for the Nifty 50. Krishan recommends two stocks to buy for today. Here’s what he says about the overall market.
Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One
The Indian equity markets started the trading day with decent gains but struggled to sustain the gains and soon after underwent a gradual decline throughout the session. As the day drew to a close, a modest recovery in the benchmark index transpired during the penultimate hour, which mitigated some of the losses incurred earlier. Consequently, the Nifty 50 index concluded the trading day near the 24,450 zone, reflecting a 0.35% decrease.
The recent developments in key indices suggest a degree of uncertainty among market bulls, particularly in the wake of the recent breakout. The past few trading sessions have exhibited a notable lack of activity. Nevertheless, from a technical perspective, such occurrences can be regarded as beneficial, as they help to mitigate overheated technical conditions and create opportunities for new market entries. On the levels front, 25,300 is anticipated to act as a strong support, aligning with the 78.60% Fibonacci retracement, followed by the breakout zone of 25,250-25,200 in the coming period. On the flip side, 25,600 appears to act as an intermediate hurdle, followed by the sturdy wall of bearish gap around 25670-25740 in the comparable period.
Going forward, an increase in volatility is anticipated due to the weekly expiration of contracts, making robust risk management imperative. Furthermore, sectoral rotation is likely in play, keeping the trader fraternity occupied, and hence, a stock-centric approach is required to upbeat market performance.
Stocks To Buy on Thursday- Osho Krishan
On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks – Latent View Analytics Ltd, and Dhanuka Agritech Ltd.
Latent View Analytics
Latent View Analytics share price has observed a consolidation breakout, underpinned by substantial trading volumes at a critical support level marked by its clustered EMAs on the daily time frame chart. From a technical analysis standpoint, the ADX indicator is demonstrating an increase from the lower range, accompanied by a positive crossover in the 14-day RSI, indicating potential continued momentum. Consequently, from a risk-reward perspective, the stock appears to present a favourable investment opportunity for accumulation at the current levels.
Hence, we recommend to BUY Latent View Analytics share price around ₹420-415, keeping a stop loss of ₹395 for a potential Target of ₹460-470.
Dhanuka Agritech
Dhanuka Agritech share price has been consolidating above its 20-day exponential moving average (DEMA) for the past few trading weeks, subsequent to a pronounced rally. Recently, the stock has begun to regain momentum, having surpassed its previous consolidation range, which indicates a fresh influx of buying interest. Moreover, most technical indicators are aligned positively with this trend, suggesting that the momentum is likely to persist in the forthcoming period.
Hence, we recommend to BUY Dhanuka Agritech share price around ₹1,700, keeping a stop loss of ₹1,640 for a potential Target of ₹1,800-1,820.
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.
