Stock market today: Indian stock markets began the day on a weak footing on Friday as tensions between India and Pakistan escalated along the border.
The intensifying conflict led to a surge of selling activity in the domestic markets, causing key benchmark indices to decline in the early trading session.
The Nifty 50 index fell to 24,100.10, experiencing a drop of 173.70 points or 0.72%. Similarly, the Sensex dipped by 585.95 points to close at 79,748.86, reflecting a loss of 0.73%.
Market analysts attributed the downturn to worries regarding the rising tensions between the two countries, which has negatively affected investor sentiment despite robust underlying fundamentals.
Even with this short-term decline, analysts believe that the overall outlook for Indian markets remains encouraging. They noted that foreign institutional investors (FIIs) continue to invest in Indian equities, demonstrating their confidence in the economy’s long-term growth potential despite the geopolitical instability.
On the technical front, Rajesh Palviya of Axis Securities believes Nifty 50 to extend towards the 24,800-25,000 levels. He recommends Nazara Technologies, CRISIL, and CEAT amid India Pakistan war. Take a look at his views on markets and stocks to buy.
Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP – Technical and Derivatives Research, Axis Securities
Nifty 50
For the past three weeks, Nifty 50 has been consolidating within the 24,600-24,000 levels, indicating a short-term sideways trend. Nifty 50 is firmly placed above its 20,50,100, and 200-day SMA, which signals bullish sentiments on a higher time frame. On the upside, the Nifty 50 is expected to extend this momentum towards the 24,800-25,000 levels. The crucial support zone is located around the 24,000-23,800 levels; hence, any minor correction around this remains a buying opportunity for traders. The weekly strength indicator, RSI, is in positive territory, indicating rising strength.
Nazara Technologies Cmp: ₹1,081
On the daily chart, Nazara Technologies shares has witnessed a breakout from a “triangular” formation at the 1040 levels on a closing basis. This breakout is accompanied by huge volumes, which signifies increased participation. The stock is sustaining above its 20, 50, 100, and 200-day Simple Moving Averages (SMA), which reconfirms the bullish trend. The daily, weekly, and monthly strength indicators, including the Relative Strength Index (RSI), are in favorable territory, indicating rising strength. The daily and weekly “band Bollinger” buy signal suggests increased momentum.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹1,185- ₹1,285, and its downside support zone is the ₹1,050- ₹1,000 levels.
CRISIL Cmp: ₹4,997
On the daily chart, CRISIL shares has decisively surpassed its couple of months “multiple resistance zone” of ₹4,880 levels on a closing basis. This breakout is accompanied by huge volumes, indicating increased participation. The stock is sustaining above its 20, 50, and 100-day SMA, reconfirming the bullish trend. The daily Bollinger band buy signal suggests increased momentum. The daily and weekly strength indicators, RSI, are in favourable territory, indicating rising strength.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹5,385 – ₹5,520, and its downside support zone is the ₹4,850- ₹4,690 levels.
CEAT Cmp: ₹3,674
CEAT share price is in a strong uptrend across all time frames, forming a series of higher tops and bottoms, indicating a sustained uptrend. The stock is well positioned above its 20-, 50-, 100 and 200-day SMA’S, which reconfirms bullish sentiment. The daily, weekly, and monthly strength indicator RSI is in favourable territory, indicating rising strength. The daily and weekly “band Bollinger” buy signal suggests increased momentum.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹3,860- ₹4,275, and its downside support zone is the ₹3,400- ₹3,250 levels.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
