Stock market today: Benchmark equity indices Sensex and Nifty 50 opened higher on Friday, 15 May, supported by gains in IT stocks and positive cues from US markets.
The BSE Sensex rose 451.46 points, or 0.60%, to 75,850.18 in early trade, while the NSE Nifty 50 advanced 143.25 points, or 0.60%, to 23,832.85.
Leading gains on the Sensex were Infosys, Tech Mahindra, Tata Consultancy Services, HCL Technologies, Kotak Mahindra Bank, HDFC Bank, Power Grid Corporation of India, Bharti Airtel, Titan Company, Bajaj Finance, and Maruti Suzuki India.
Meanwhile, Reliance Industries, Bharat Electronics, , Mahindra & Mahindra, , and traded lower.
Shares of oil marketing companies declined over 2% after petrol and diesel prices were increased by ₹3 per litre each — the first hike in more than four years — amid rising losses due to elevated crude oil prices.
Brent crude, the global benchmark, climbed more than 1% to trade above $107 per barrel.
Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP – Technical and Derivatives Research, Axis Securities
Nifty 50
For the past month, the benchmark index has remained extremely volatile within a broad trading range of 24,500 to 23,200, indicating a lack of strength and direction. Hence, any range breakout on either side may indicate the further direction. At current levels, 23,200-23,100 will act as a crucial support zone. On the upside, any sustainable close above the 24,000 level may trigger upside momentum toward the 24,300–24,500 levels.
Stocks to buy today
Ajanta Pharma Ltd
With the current close, the stock decisively surpassed the “multiple resistance zone” of 3130-3140 on a closing basis, amid heavy volume, indicating increased participation at the breakout zone. The stock is well placed above its 20-, 50-, 100-, and 200-day simple moving averages (SMAs). These averages are also inching up alongside the price rise, which further confirms the bullish trend. The daily and weekly “Bollinger Band” buy signal indicates 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 3,450-3,670, and its downside support zone is 3,150-3,000.
Tata Communications Ltd
On the daily chart, the stock has experienced a trend reversal, with higher highs and lower lows, indicating bullish sentiment. In addition, the stock is well above its 20-, 50-, and 100-day SMAs, which reconfirms the bullish trend. This breakout around the ₹1,620 level was accompanied by huge volume spurts, signalling increased participation. 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 ₹1,750-1,850, and its downside support zone is ₹1,620-1,570.
NMDC
The stock is in a strong uptrend, with a series of higher tops and bottoms, indicating sustained strength. Additionally, the stock is well above its 20, 50, and 100-day SMAs, which reconfirms the bullish trend. These averages are also inching up along with the price rise, which reconfirms the bullish trend. Huge rising volumes along with price increases indicate increased participation. Any weekly decisive close above the 95 level will indicate a “Rounding bottom” formation. 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 103-109, and its downside support zone is 91-88.
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.