Stock market today: The domestic benchmark indices rallied strongly on Thursday, 14 May with the benchmark indices Sensex and Nifty 50 gaining over 1% each, extending their advance for a second straight session despite lingering global and domestic headwinds.
The Sensex surged more than 800 points to an intraday high of 75,492, while the Nifty 50 climbed over 250 points to trade above the 23,650 mark as of 11:50 AM. The rally added over ₹3 lakh crore to the market capitalisation of BSE-listed companies.
The upmove tracked gains across Asian markets, driven by optimism around artificial intelligence, which pushed South Korea’s SK Hynix closer to a trillion-dollar valuation. Globally, investor focus remained on the high-stakes meeting between Donald Trump and Xi Jinping, amid ongoing geopolitical and macroeconomic uncertainties.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
Nifty 50
The bounce back continued in the market amidst volatility on Thursday morning and the Nifty 50 is currently trading higher by 60 points. The sharp fall of previous few sessions has halted near the crucial support zone of around 23,100-23,150 levels (previous opening upside gap of 8 April and also 61.8% Fibonacci retracement support) and that led to minor bounce back so far. This is positive indication and a sustainable move above the key hurdle of 23,700-23,800 levels could confirm important trend reversal on the upside.
Buy NMDC at ₹92.25, Target at ₹97, Stoploss at ₹89, Timeframe 1 week
After showing a reasonable downward correction in last week, this Metal stock has witnessed sharp breakout recently. The last two sessions price action indicates faster upside retracement of the previous decline. Volume has started to rise during upside breakout in the share price and daily RSI shows positive indication.
Buy NTPC Green Energy at ₹110.75, Target at ₹116, Stoploss at ₹107, Timeframe 1 week
The downward correction of the last few weeks seems to have reversed on the upside. share price has bounced back after forming a new higher bottom at ₹106 levels recently. Volume and RSI pattern are indicating positive bias for the stock price ahead.
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.