Stock market today: The domestic benchmark indices, climbed on Thursday, boosted by gains in metal shares due to a weakening dollar, continuing a recent uptrend fueled by cautious optimism surrounding a potential ceasefire between Israel and Iran. As tensions in the geopolitical landscape diminished, investors took a prudent approach while awaiting the US tariff deadline set for July 9.
The Nifty 50 increased by 0.62% to reach 25,399.35 points, while the BSE Sensex rose by 0.61% to 83,262.68 as of 10:13 IST.
According to market analysts, with geopolitical uncertainties easing, the focus of investors has returned to the US Federal Reserve and the impending trade tariff deadline on July 9.
On the technical front, Osho Krishan of Angel One said that going ahead, Tuesday’s high near 25,320 is seen as immediate resistance. A breakout above this level could open the gates for further upside towards 25,400 and eventually 25,500 on the expiry day. Krishan recommends two stocks to buy today. Here’s what he says about the overall market.
Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One
Nifty 50 maintained a steady upward trajectory throughout the day and secured the highest-ever daily closure in the current year, with gains of 0.80%, a tad below the 25,250 mark. Technically, the index has ended the session right at the upper boundary resistance of a “Rising Wedge” pattern. Despite this, the broader market sentiment remains optimistic, and the momentum is likely to persist on the day of the monthly expiry.
Going ahead, Tuesday’s high near 25,320 is seen as immediate resistance. A breakout above this level could open the gates for further upside towards 25,400 and eventually 25,500 on the expiry day. On the downside, support is seen around 25,125 followed by the psychological level of 25,000, which also aligns with Tuesday’s low.
For expiry day trades, maintaining a positive bias is advisable while keeping these key levels in mind. Market breadth continues to favour the bulls, with a 3:1 advance-decline ratio. While the headline indices showed measured movement, midcaps performed well, and small caps outshone, with the Nifty Small Cap index rallying nearly 1.5%. On the sectoral front, a noteworthy development was the breakout in the Nifty 50 India Consumption index, which surged past a long-standing resistance level. This breakout signals potential outperformance in consumption-related stocks in the near future.
Stocks To Buy on Thursday- Osho Krishan
On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks – Tata Power Company Ltd, and Max Healthcare Institute Ltd.
Tata Power
Tata Power share price has experienced a pronounced consolidation phase over the past several trading weeks. However, in recent periods, the stock has demonstrated increased momentum, having received support from its short-term EMAs and subsequently surpassed both the 20-DEMA and the 200-DSMA. This development suggests a positive bullish outlook. Furthermore, the 14-day RSI has exhibited a favourable crossover, contributing to the overall bullish sentiment. From a risk-reward standpoint, the stock is currently positioned in a favorable zone.
Hence, we recommend to BUY Tata Power share price around ₹400, keeping a stop loss of ₹380, for a potential upside Target of ₹435-442.
Max Healthcare Institute
Max Healthcare Institute share price has demonstrated a consistent upward trajectory, consistently forming higher highs and higher lows across all time frames. Currently, the stock is positioned above all of its major exponential moving averages (EMAs), indicating robust underlying strength and potential for sustained momentum in the near future. The technical indicators are in alignment with this prevailing setup, further reinforcing the bullish sentiment.
Hence, we recommend to BUY Max Healthcare Institute share price around ₹1,220-1,200, keeping a stop loss of ₹1,150, for a potential upside Target of ₹1,300-1,320.
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.
