Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, experienced an upward movement on Friday, following global market gains, as weaker U.S. employment data overshadowed a higher-than-expected inflation report, increasing expectations for rate cuts by the Federal Reserve.
At 09:15 IST, the Nifty 50 climbed 0.28% to 25,074.45, while the Sensex increased by 0.26% to 81,758.95. The positive investor sentiment was further supported by the growing likelihood of a U.S. rate cut next week and in the following two meetings, as data indicated a softening labor market that countered an uptick in inflation for August.
Decreased interest rates in the U.S. tend to attract foreign portfolio investors (FPIs) to emerging markets like India, as this scenario usually leads to lower Treasury yields and a decline in the dollar, according to analysts.
Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP – Technical and Derivatives Research, Axis Securities
Nifty 50
For the past 6-8 consecutive weeks, the Nifty 50 has been consolidating within 25,200-24,300 levels, signalling short-term consolidation and a sideways trend. Hence, any breakout of the mentioned range 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 24,800-24,700 levels. The daily strength indicator RSI is in positive terrain, indicating a rising strength in the sideways trend.
Waaree Energies Ltd Cmp: ₹3,752
Waaree Energies share price is in a strong uptrend, forming a series of higher tops and bottoms across all time frames, indicating bullish sentiment. With the current close, the stock has decisively surpassed the previous resistance of the 3,500 levels, along with huge volumes. The stock is well placed above its 20, 50, 100 and 200-day SMAs, which reconfirms bullish sentiments. The daily and weekly “band Bollinger” buy signals indicate increased momentum. The daily, weekly 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 ₹3,970-4,185, and its downside support zone is the 3,500-3,435 levels.
JK Tyre & Industries Ltd Cmp: ₹368
On the daily chart, JK Tyre share price has experienced a short-term trend reversal, forming a higher top and bottom formation. With the current close, it has also decisively surpassed the past five months’ down-sloping Trendline resistance at 360 levels, along with huge volumes indicating increased participation. 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 ₹390-410, and its downside support zone is the 353-345 levels.
Tata Chemicals Ltd Cmp: ₹975
With the current close, Tata Chemicals share price has witnessed “multiple resistance” of 960 levels on a closing basis, indicating a strong comeback of bulls. Huge volumes on this breakout indicate increased participation. The stock is well placed above its 20, 50, 100 and 200-day SMAs, 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 1,020-1,060, and its downside support zone is the 945-930 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.
