Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, began the day on a quiet note on Friday, following two days of losses, as market sentiment remained low after the imposition of significant US tariffs on Indian products earlier this week.
The Nifty 50 decreased by 0.14% to 24,466.7 points, while the Sensex fell by 0.09% to 80,010.83 at 9:15 IST.
Nonetheless, the indexes dropped roughly 2% each over the last two sessions, weighed down by increasing worries regarding the effects of U.S. tariffs.
US President Donald Trump has introduced an extra 25% tariff on Indian goods in response to New Delhi’s acquisition of Russian oil, adding to the previously imposed 25% duty.
On the technical front, Rajesh Palviya of Axis Securities believes that the short-term support for Nifty 50 is placed around 24,300-24.000 levels. Palviya suggests three stocks to buy, hold, and accumulate. Here’s what they say about the overall market.
Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP – Technical and Derivatives Research, Axis Securities
Nifty 50
On the daily and hourly charts, the index is trending lower, forming a series of lower tops and bottoms, indicating negative bias. Nifty 50 is sustaining below its 20, 50 and 100-day SMA, which signals a short-term downtrend. From current levels, the short-term outlook remains cautious with an expected resistance zone of 24600-24800 levels. On the downside, the short-term support is placed around 24300-24000 levels. The daily and weekly strength indicator RSI has turned bearish and sustained below its reference lines, indicating a loss of strength.
On the daily chart, the stock is in a strong uptrend, forming a series of higher tops and bottoms. The stock is well placed above its 20, 50, 100 and 200-day SMA’s which reconfirms bullish sentiments. The weekly and monthly strength indicator, Relative Strength Index (RSI), is in favourable territory, indicating rising strength across all time frames.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is 2320-2550, and its downside support zone is the 2100-2070 levels.
On the daily chart, the stock has experienced a short-term trend reversal and also formed higher tops and bottoms. It has also experienced a past 6-7 months down-sloping trendline reversal, indicating bullish sentiments. The past couple of months, huge volumes have risen, signifying the increased participation. The 20 and 50-day SMAs’ positive crossover signals increased momentum. The daily and weekly strength indicator, Relative Strength Index (RSI), is in favourable territory, indicating rising strength across all time frames. The daily “band Bollinger” buy signal indicates increased momentum.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is 61-65, and its downside support zone is the 51-48 levels.
Sudarshan Chemical Industries Ltd Cmp: ₹1,503
The stock is in a strong uptrend across all time frames, forming a series of higher tops and bottoms. The stock is well placed above its 20, 50, 100 and 200-day SMA’s which reconfirms bullish sentiments. The daily “band Bollinger” buy signal indicates increased momentum. The stock has witnessed rising volumes in the recent moves, indicating increased participation. The daily, weekly and monthly strength indicator, Relative Strength Index (RSI), is in favourable territory, indicating rising strength across all time frames.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is 1585-1700, and its downside support zone is the 1420-1400 levels.
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.
