Stock market news: The domestic equity markets will be shut today (Friday, April 3), on account of Good Friday.
On Thursday, April 2, the domestic benchmark indices, and , bounced back from earlier losses due to a rise in the rupee following actions taken by the central bank, although diminishing expectations for a quick resolution to the Iran conflict extended the losing streak to six weeks.
The Nifty 50 finished 0.15% higher at 22,713.1, while the Sensex increased by 0.25% to reach 73,319.55, after experiencing a drop of more than 2% earlier in the day.
The rupee appreciated by 1.8% against the US dollar after hitting a record low in the prior session.
The Nifty 50 and Sensex declined by 0.5% and 0.4%, respectively, during the holiday-shortened week, as the ongoing war in the Middle East continued to impact markets, with Brent crude climbing to $109 per barrel following US President Donald Trump’s announcement of more intense military action against Iran.
India’s manufacturing sector experienced a slowdown, reaching a nearly four-year low, while the government increased prices for jet fuel and commercial LPG, raising worries that a prolonged energy crisis could adversely affect growth and inflation in Asia’s third-largest economy.
Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP – Technical and Derivatives Research, Axis Securities
Nifty 50
For the eighth consecutive week, the benchmark has extended its downtrend from a low of 22,182. On the daily chart, the index is still trending lower, forming a lower top and bottom. Currently, the index is trading below its 20-day SMA, which reconfirms the downtrend. From current levels, the index faces stiff resistance at 23,000. A sustainable close above this may cause a short-term trend reversal toward 23,500–23,800. The immediate support zone is around the 22,100-22,000 levels.
Stocks to buy next week
Voltamp Transformers Ltd Cmp: ₹9,162
On the daily and weekly charts, thestock is in an uptrend, forming a series of higher tops and bottoms, which indicates strength. The stock is well placed above its 20, 50, 100 and 200-day simple moving averages (SMAs). These rising averages reconfirm bullish sentiment. The daily and weekly “Bollinger Band” buy signals indicate increased momentum. The daily, weekly and monthly 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 ₹9,500-9,800, and its downside support zone is the ₹8,800-8,600 levels.
Shilpa Medicare Ltd Cmp: ₹388
On the daily and weekly charts, stock decisively surpassed the downtrend line from the past 8-10 months at the 350 level on a closing basis, accompanied by huge volumes indicating increased participation. The stock is well placed above its 20, 50, 100 and 200-day simple moving averages (SMAs). The daily, weekly and monthly Relative Strength Index (RSI) is in favourable territory, indicating rising strength across all time frames. The daily and weekly “Bollinger Band” buy signals indicate increased momentum.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹427-460, and its downside support zone is the ₹370-355 levels.
Persistent Systems Ltd Cmp: ₹5,225
With the current strong close, the stock decisively surpassed the multiple resistance zone of 4950, accompanied by huge volume, indicating strength. This buying momentum is observed from the 20-day MA support zone around 4712, which remains a crucial support zone. The daily and weekly Relative Strength Index (RSI) is in favourable territory, indicating rising strength in the short term. The daily “Bollinger Band” buy signals indicate increased momentum.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹5,500-5,650, and its downside support zone is the ₹5,050-4,970 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.