Stock market today: The upward trend in Indian stock market persisted on Thursday morning as key indices recorded gains at the opening, although investors approached the market with caution due to global uncertainties.
Market players are closely monitoring the ongoing peace negotiations between Russia and Ukraine, alongside forthcoming international and domestic events.
The Nifty 50 index commenced at 25,089.65, increasing by 37.90 points or 0.15 percent, while the BSE Sensex began the day at 82,082.98, up by 225.14 points or 0.28 percent.
Initial trading showed consistent optimism, even though fluctuations in global markets introduced an element of wariness.
Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One
On the daily chart, Nifty 50 recorded its fifth consecutive gain, crossing above the 50% retracement of the recent fall from the highs near 25,700. While the undertone over the last two sessions had been positive, Nifty 50 had faced resistance around 25,000. By breaking above this key hurdle, the positive momentum has been re-triggered.
On the weekly expiry, this run is expected to continue, and traders should maintain a buy-on-dip approach. The next key hurdle lies in the 25,150–25,200 zone, coinciding with the 61.8% golden retracement of the recent fall. Crossing this level would then technically open the path for Nifty 50 to re-test its recent high near 25,700. On the downside, dips are anticipated to augur well, hence the lows around 24,930 serve as immediate support, followed by this week’s low of 24,850 as a strong support level for the weekly expiry.
Sector-wise, the IT space showed a strong bounce from key support, and given the chart structure, this space may continue to perform well, potentially catching up with the broader indices.
Stocks To Buy on Thursday- Osho Krishan
On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks – Swiggy Ltd, and Infosys Ltd.
Swiggy share price has been demonstrating a notable secular uptrend, characterized by the consistent formation of higher highs and higher lows on the daily time frame chart. In recent trading sessions, the stock has successfully moved above all key EMAs, indicating a strong bullish momentum. This upward movement is further reinforced by positive crossovers across various technical indicators, suggesting a healthy demand for the stock. Consequently, the short-term outlook for SWIGGY remains optimistic, indicating opportunities for continued growth.
Hence, we recommend to BUY Swiggy share price around ₹410, keeping a stop loss at ₹384 for potential upside Target of ₹450-460.
Infosys share price, following a notable decline, has begun to regain momentum and has recently retested its 20-DEMA from a lower range. The recent emergence of buying activity from an oversold position indicates the potential for sustained momentum in the near term. Additionally, the 14-day RSI has witnessed a positive crossover, adding a bullish quotient. Furthermore, from a risk-reward perspective, the stock appears to be aptly positioned, thereby presenting an optimistic outlook from a short-term standpoint.
Hence, we recommend to BUY Infosys share price around ₹1,490-1,480, keeping a stop loss at ₹1,410 for potential upside Target of ₹1,600-1,620.
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.
