Stock market today: The domestic equity markets started on a positive note today, rising by more than 0.5%, as exit polls suggested a clear majority for the ruling coalition in Bihar.
The results of the exit polls enhanced investor confidence, demonstrating ongoing trust in political stability at the national level due to the coalition government.
The Nifty 50 index began at 25,834.30, an increase of 139.35 points or 0.54%, while the BSE Sensex started at 84,238.86, up by 367.54 points or 0.44%.
Moreover, analysts believe that market sentiment has improved with reports of a forthcoming India-US trade agreement and the exit polls pointing to a significant victory for the NDA in Bihar. This is likely to empower bullish sentiment, but it may not be sufficient for the markets to experience a decisive breakout and a sustained rally.
Nifty 50 Outlook by Sagar Doshi, Senior Vice President- Research, Nuvama Professional Clients Group
Nifty 50
After a 750 point cool off, Nifty 50 showed its first sign of trying to reverse for the short term at the start of this week. Initial targets on the upside have been met at 25,700 while follow up targets remain open for 25,840 / 26,020. Dips towards 25,550 are now likely to get bought into given the current set up on daily charts.
Bank Nifty
Bank Nifty could closed above the 58,000 mark negating any possibility of a fresh swing low. A buy on dip set up now emerges on this index as closing above 58,000 is confirmed for target of 58,600 / 59,280.
Union Bank of India (BUY): LCP: ₹152; SL: ₹147; TGT: ₹161
Given the PSU Bank space tailwind markets have been witnessing over the past 2 months, is another name on the breakout list taking off from a cup and handle breakout on a 1.5 year time frame as well an inverted head and shoulder pattern on 10 year charts. A quick breakout move could target it to previous swing highs above 160 mark.
Minda Corporation Ltd (BUY): LCP: ₹597; SL: ₹580; TGT: ₹645
Having consolidated in a broad range, is now on the verge of giving a cup and handle breakout on weekly charts which has been in existence for the past 15 months now. Initial targets are now projected at previous all time high levels, before the stock gathers further momentum.
Bajaj Auto Ltd (BUY): LCP: ₹8,895; SL: ₹8,600; TGT: ₹9,440
After a bullish triangle breakout in early September 2025, stock has been missing a tailwind for further leg upside. A short term flag breakout is now seen on daily charts allowing for the stock to breakout out from its 8 week consolidation. Initial targets seen at 9,440.
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.