Stock market today: The domestic benchmark indices, the Nifty 50 and BSE Sensex, opened lower on Friday, 8 May, amid rising crude oil prices and renewed tensions between the US and Iran, which weighed on investor sentiment.
As of 10:21 IST, the Nifty 50 declined 0.47% to 24,213.40, while the Sensex fell 0.51% to 77,448.45.
Selling pressure was broad-based, with 12 of the 16 major sectoral indices trading in the red. However, broader markets remained relatively resilient, with the midcap and smallcap indices gaining 0.1% and 0.2%, respectively.
Asian markets also came under pressure, falling around 1.3%, after Brent crude climbed back above $100 per barrel. Oil prices rebounded after the US and Iran exchanged fire on Thursday, marking the most serious escalation since the month-long ceasefire began.
Despite the weak opening, market experts said Indian equities continue to display resilience amid volatility, supported by sustained buying interest in broader market pockets such as midcaps, defence, capital goods, and power stocks.
Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP – Technical and Derivatives Research, Axis Securities
Nifty 50
The index is in an uptrend on the daily chart, forming a series of higher tops and bottoms. Currently, the prices are well above the 20- and 50-day SMAs, which reconfirms bullish sentiments. Nifty 50 is facing a short-term resistance around 24,500-24,600 levels, and any decisive close above the same may trigger further upside towards 24,800-25,000 levels. The crucial support zone is placed around 24000-23800 levels. The daily and weekly strength indicator RSI is in positive territory, indicating rising strength.
Stocks to buy today
Ltd Cmp: ₹97
With the current close, the stock surpassed the “multiple resistance zone” of 96 on a closing basis, accompanied by huge volumes indicating a strong comeback of bulls. The 20- and 50-day simple moving average (SMA) positive crossover reconfirms the bullish trend. The daily and weekly 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 103-106, and its downside support zone is the 95-91 levels.
Ltd Cmp: ₹2,462
On the daily and weekly time frame, the stock decisively surpassed the “multiple resistance” zone of 2390 on a closing basis, accompanied by huge volume, indicating a resumption of the prior uptrend. The stock is well placed above its 20, 50, 100 and 200-day simple moving averages (SMAs). These averages are also inching up with the price rise, which reconfirms 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 2550-2700, and its downside support zone is the 2430-2400 levels.
Ltd Cmp: ₹350
On the daily and weekly charts, the stock is in a strong uptrend, forming a series of higher tops and bottoms, which indicates sustained upward momentum.The stock is well placed above its 20, 50, 100 and 200-day simple moving averages (SMAs). These averages are also inching up with the price rise, which reconfirms 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 360-385, and its downside support zone is the 335-328 levels.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.