Stock market today: The Indian stock market saw a significant across-the-board selloff in morning trade on Thursday, April 30, dragging the benchmarks, the Sensex and the Nifty 50, down by more than 1%.
The 30-share pack fell over 1,150 points, or 1.5%, to an intraday low of 76,349, while the dropped more than 350 points, or 1.6%, to a day low of 23,801.
Investors lost almost ₹9 lakh crore as the market capitalization of BSE-listed firms fell to ₹460 lakh crore from ₹469 lakh crore in the previous session.
The rupee fell past 95 per US dollar to a record low, dragged down by rising oil costs and the US Federal Reserve’s hawkish stance.
Brent crude rose to a four-year high of $126 per barrel after Axios reported that the US military plans to inform President Donald Trump on fresh options against Iran.
On Wednesday, Trump met with oil companies to discuss how to offset the impact of a possible months-long blockade of Iran’s ports, raising concerns about long-term supply disruptions.
Higher oil prices pose inflation risks for India, the world’s third-largest crude importer, as well as endangering economic growth and business profits.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
Nifty 50
After showing a failed attempt of breakout of the hurdle at 24,200 levels on Wednesday, Nifty 50 slipped into weakness on the backdrop of looming West-Asia crises and rise in International Crude Oil prices on Thursday. After opening on a downside gap of 170 points, the market slipped into further weakness soon after the opening. The recovery attempt of early part has failed and Nifty 50 is currently placed at the lows. The underlying short-term trend of Nifty 50 is choppy while the medium-term trend is up. Nifty 50 is expected to move within a broader high low range of 24,300-23,800 levels in the near term.
Buy Time Technoplast at ₹190.50, Target at ₹203, Stoploss at ₹184, Timeframe 1 week
After showing a downward correction in last week, share price has bounced back on Thursday. We observe a formation of higher bottom at ₹182 levels and the stock price is currently in an attempt of regaining the hurdle of 200day EMA. Volume pattern and RSI shows positive indication.
Buy Gujarat Ambuja Exports at ₹154.50, Target at ₹164, Stoploss at ₹150, Timeframe 1 week
share price has been moving in a broader high low range of ₹145-160 levels in the last few weeks. The supports of 10/20day EMA has been held during the up move. Bullish chart pattern like higher tops and bottoms is also observed on the daily timeframe chart. Daily 14 period RSI shows bullish indications.
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