Stock market today: Indian stock markets maintained their upward trend on Friday, beginning with a positive opening, buoyed by optimism surrounding the recently introduced GST 2.0 reforms. Investors are optimistic that the new tax rationalization initiatives will enhance overall consumption in the economy, fostering growth in the upcoming quarters.
The Nifty 50 index kicked off at 24,818.85, rising by 84.55 points or 0.34 percent, while the BSE Sensex climbed 294.41 points or 0.36 percent to start at 81,012.42.
Market analysts suggest that these reforms could initiate a recovery phase, particularly following a time of underperformance in the equity markets.
Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP – Technical and Derivatives Research, Axis Securities
Nifty 50
For the past seven consecutive weeks, the Nifty 50 has been consolidating within 25,200-24,300 levels, signalling short-term consolidation and a sideways trend. Hence, either side breakout may indicate further direction. From current levels, the short-term outlook remains cautious with an expected resistance zone of 25,200-25,300 levels. On the downside, the short-term support is placed around 24,500-24,300 levels. The daily strength indicator RSI has turned flat, indicating a lack of strength on either side.
Muthoot Finance Cmp: ₹2,835
Muthoot Finance share price is in a strong uptrend, forming a series of higher tops and bottoms. It has also registered an all-time high at 2835, which reconfirms bullish sentiments. The stock is well placed above its 20, 50, 100 and 200-day SMA’s which reconfirms bullish sentiments. The daily “band bollinger” buy signals indicate increased momentum. 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 ₹2,900-2,960, and its downside support zone is the ₹2,780-2,700 levels.
FSN E-Commerce Ventures (Nykaa) Cmp: ₹240
On the daily, weekly and monthly charts, Nykaa is trending higher, forming a series of higher tops and bottoms. With the current week’s price action, the stock has surpassed the previous swing top of 230 on a closing basis, which shows a strong comeback of bulls. The stock is well placed above its 20, 50, 100 and 200-day SMA’s which reconfirms bullish sentiments. 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 ₹260-285, and its downside support zone is the ₹230-225 levels.
Syrma SGS Technology Cmp: ₹828
Syrma share price is in a strong uptrend, forming a series of higher tops and bottoms. It has also registered an all-time high at 845, which reconfirms bullish sentiments. The stock is well placed above its 20, 50, 100 and 200-day SMA’s which reconfirms bullish sentiments. The daily “band bollinger” buy signals indicate increased momentum. 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 ₹885-935, and its downside support zone is the ₹795-755 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.
