Stock market today: Indian benchmark indices, Sensex and Nifty 50, opened higher on Thursday, recovering part of the sharp losses recorded in the previous session. However, gains remained capped as investors stayed cautious amid renewed geopolitical tensions in the Middle East.
At 9:19 IST, the Nifty 50 rose 0.43% to 23,986.80, while the BSE Sensex advanced 0.41% to 76,832.34.
Market breadth was positive, with 15 of the 16 sectoral indices trading in the green. The broader markets outperformed the benchmarks, with the Nifty Midcap 100 and Nifty Smallcap 100 indices gaining 0.8% and 0.6%, respectively.
The Nifty IT index bucked the broader trend, falling 1.8%, led by a 2% decline in Tata Consultancy Services (TCS) ahead of the company’s June-quarter earnings announcement scheduled after market hours.
The rebound follows Wednesday’s sharp sell-off, when both the Sensex and Nifty 50 plunged more than 2.1% after crude oil prices climbed to near $79 a barrel. Higher oil prices are a concern for India, a major crude importer, as they increase import costs, stoke inflationary pressures, and weigh on economic growth and corporate margins.
Investor sentiment remained fragile after the US military launched fresh strikes on Iran to keep the strategic Strait of Hormuz open for shipping, hours after US President Donald Trump said the interim peace agreement was “over,” raising fears of a further escalation in the Middle East conflict.
Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One
A devastating session for the equity markets, with the Nifty 50 plummeting over 2%. The index opened on a weak note, tracking subdued global cues and a rise in crude oil prices amid renewed global tensions. However, selling pressure intensified during the final hours, triggering a broad-based market sell-off. The Nifty 50 index declined by over 400 points from the day’s high levels, eventually closing a tad below the 23,900 zone.
The technical setup for the index has turned significantly weak, with key support levels breaking decisively amid the announcement related to Iran truce. In the sharp reversal, the Nifty index breached its 100, 50, and 20 DEMA simultaneously in a single session, marking one of the most notable declines in recent market history. The price action reflects a highly bearish structure, with broad-based selling pressure intensifying across sectors. Volatility is expected to remain elevated as uncertainty continues to dominate investor sentiment. The sharp rise in the fear index, India VIX, to 14.68, reflecting an intraday surge of nearly 26%, highlights prevailing market caution.
On the levels front, the immediate support zone is in the vicinity of 23,780-23,750, followed by the 23,650 region. On the upside, 24,000-24,140 is likely to act as an intermediate resistance zone, with further hurdles near 24,250.
Going forward, strong whipsaw moves should not be ruled out, and any aberrations from the global front may adversely impact the chart structure. It is advisable to stay abreast with developments surrounding the US-Iran situation and avoid adopting an aggressive stance amid the ongoing correction. It would be prudent to await signs of stability and improved market structure before initiating fresh positions.
Stocks To Buy on Thursday- Osho Krishan
On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks – Life Insurance Corporation of India (LIC), and Titan Company Ltd.
LIC has strengthened its technical position after rebounding from the 400 subzone and sustaining above its significant EMAs. The chart structure suggests an emerging continuation pattern, with a ‘Flag’ pattern formation on the daily charts. With positive crossover between 20 DEMA and 200 DSMA above the horizontal breakout neckline, the counter seems poised to continue its northward march
Hence, we recommend a BUY in LIC at ₹420-425, with a Stop Loss at ₹405 and a Target of ₹455-460.
Titan 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 clocked a fresh 52-week closing high, reinforced by a bullish MACD crossover and a robust price structure trading above all major moving averages, reflecting strong underlying momentum and confirming the continuation of the primary uptrend.
Hence, we recommend a BUY in Titan around ₹4,550 with a Stop Loss of ₹4,300 and a Target of ₹4,900-5,000.
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.
