Stock market today: The domestic benchmark indices started on a flat line on Thursday as bulls and bears vied for control of the markets amidst external pressures, despite domestic indicators providing some support.
The Nifty 50 index opened nearly unchanged at 25,981.85, decreasing by -4.15 points (-0.02%), while the BSE Sensex also commenced flat at 84,987.56, showing a slight decline of -119.25 points (-0.14%).
Market analysts noted that Indian equities are currently undergoing a corrective phase, with the upcoming RBI monetary policy announcement anticipated to offer further guidance to investor sentiment.
Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One
The Indian equity markets saw continued profit-taking, with the benchmark index declining toward the 20-DEMA. The day was marked by considerable weakness in broader market indices; however, a resurgence in buying during the final hour offered some respite. Consequently, the Nifty 50 index concluded the session with a minor decrease of 0.18 percent, closing just below the 26,000 threshold, amidst a modest recovery in the latter part of the trading day.
The decline extended for a fourth consecutive session, bringing the benchmark index to the brink of the 20-day EMA, which offered a degree of stability amid the ongoing downturn. Technically, the overall market structure remains on a positive trajectory, but it is prudent to acknowledge the possibility of increased profit-taking in the near future. On the levels front, the subzone of 25,900-25,850 is noteworthy, as it coincides with the low established by last week’s bullish Marubozu candlestick, and is likely to serve as a reliable support in the near term. On the flip side, 26,100-26,150 is likely to act as an intermediate resistance zone, posing a potential challenge to upward movement. Beyond that, a more formidable barrier is expected within the 26,250-26,300 range, which could significantly impede further market gains in the short term.
Looking ahead, the current corrective phase presents a healthy market structure and offers an opportunity for traders. It is also important to stay updated on macro and global developments that could impact domestic markets. Furthermore, focusing on thematic movers can lead to better performance in the current volatile environment.
Stocks To Buy on Thursday- Osho Krishan
On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks – Wipro Ltd, and Tata Motors Passenger Vehicles Ltd.
Wipro Ltd
Wipro share price has demonstrated consistent buying interest over the past several weeks and has surpassed all of its key EMAs, notably including the 200-DSMA, which underscores its intrinsic strength. Recent price trends indicate that the stock is transitioning out of a consolidation phase and has effectively breached the downward-sloping channel. Furthermore, the technical indicators are decisively aligned with a bullish price structure, enhancing the overall positive outlook.
Hence, we recommend a BUY in Wipro share price around ₹250 with a Stop Loss of ₹240 and a Target of ₹264-270.
Tata Motors Passenger Vehicles Ltd (TMPV)
TMPV has experienced a significant decline from its consolidation base, moving towards historical lows. Currently, the stock is in oversold territory and has recently demonstrated a positive crossover in the 14-day RSI, suggesting an initial indication of a potential reversal. From a risk-reward perspective, the stock’s current positioning appears favorable, indicating the possibility of an upward trend in the near term.
Hence, we recommend a BUY in TMPV around ₹355 with a Stop Loss of ₹345 and a Target of ₹375-380.
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.
