Stock market today: Indian benchmark indices Sensex and Nifty 50 traded higher on Thursday, 2 July, buoyed by easing crude oil prices after Qatar said the US and Iran had made “positive progress” during indirect talks held in Doha.
At 12:37 IST, the Nifty 50 rose 0.50% to 24,127.15, while the BSE Sensex gained 0.48% to 77,294.46.
According to a Reuters report, US and Iranian negotiators held two days of indirect discussions in Doha, with talks centred on ensuring safe maritime traffic through the Strait of Hormuz and the release of Iran’s frozen assets under the initial framework agreement.
Qatar’s Foreign Ministry said the next round of negotiations will be scheduled after the funeral ceremonies of Iran’s late Supreme Leader Ayatollah Ali Khamenei, who is set to be buried on 9 July. Meanwhile, Brent crude slipped below $71 per barrel, lifting sentiment in oil-importing economies such as India.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
Nifty 50
The bounce back continued in the market for the second consecutive sessions so far today and Nifty 50 is currently trading higher by 72 points. Nifty 50 is moving within a broader high-low range of 24,200-23,800 levels. Having bounced back from near the lower range of 23,800 on Wednesday, Nifty 50 is expected move towards the upper range of 24,200-24,300 levels in the near term. Immediate supports to be watched at 23,800-23,750 levels.
Buy IFCI at ₹77.75; Target ₹82; Stop-loss ₹75.50; Timeframe: 1 week
The downward correction in share price seems to have completed. The stock has bounced back after forming a crucial bottom reversal pattern at the trend line support around ₹74 levels. Bullish pattern like higher tops and bottoms is intact and the stock price is in the formation of new higher bottom reversal.
Buy Five-Star Business Finance at ₹545; Target ₹575; Stoploss ₹527; Timeframe: 1 week
share price has witnessed a sharp bounce back recently after forming a new higher bottom. The stock has also surpassed the crucial 200day EMA and is currently trading higher. Volume pattern and daily RSI shows positive indication.
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