Stock market today: The Indian stock market commenced on a stable note on Friday, with the main indices trading slightly lower due to the absence of significant positive catalysts.
The current market sentiment is being fueled by optimism regarding a potential trade agreement between the European Union (EU) and the United States (US), as well as expectations that earnings downgrades may have reached their lowest point.
The Nifty 50 index started the day at 25,863.80, declining by 14.05 points or 0.05%, while the BSE Sensex opened at 84,379.79, falling by 24.67 points or 0.03%.
The domestic benchmark indices have risen approximately 5.2% each in October, aiming for their strongest month since March, and are trading nearly 1.5% and 1.8%, respectively, below their record highs achieved in September 2024, as per reports.
Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP – Technical and Derivatives Research, Axis Securities
Nifty 50
On the daily and weekly timeframe, the index is in a strong uptrend, forming a series of higher tops and bottoms. However, since the past 6-8 sessions, the index is consolidating within a narrow range of 26,100-25,700 levels, indicating a short-term pause in the recent upmove. Hence, either side breakout may indicate further direction.
The index is well placed above its 20, 50, 100 and 200-day SMAs, which reconfirms positive bias. From current levels, a decisive breakout above 26,100 may lead to upward momentum towards 26,300-26,500 levels. However, violation of 25,700 may cause a small profit booking towards 25,500-25,400 levels. The weekly strength indicator RSI is in positive territory, which indicates sustained strength.
Bharat Petroleum Corporation Ltd (BPCL) Cmp: ₹358
On the daily chart, the stock has confirmed a “cup & handle” formation breakout at 353 levels on a closing basis. This breakout is accompanied with huge volumes, which confirms increased participation. The stock is well placed above its 20, 50, 100 and 200-day SMA, and these averages are also inching up along with rising averages, which reconfirms bullish sentiments. The daily “band Bollinger” buy signal shows increased momentum. The daily, weekly and monthly strength indicator, Relative Strength Index (RSI), is in favourable territory, indicating rising strength across all time frames.
Investors should consider buying, holding, and accumulating . Its expected upside is 375- 400, and its downside support zone is the 350-340 levels.
Housing & Urban Development Corporation Ltd (HUDCO) Cmp: ₹239
On the daily chart, the stock has decisively surpassed the past 4-5 months’ “down-sloping” trendline breakout at 236 levels on a closing basis. The past couple of sessions have huge volumes signifying increased participation. This buying has also emerged around the crucial moving averages support zone of 220-222 levels. The daily, weekly and monthly strength indicator, Relative Strength Index (RSI), is in favourable territory, indicating rising strength across all time frames. The daily “band Bollinger” buy signal shows increased momentum.
Investors should consider buying, holding, and accumulating . Its expected upside is 253-265, and its downside support zone is the 233-224 levels.
Graphite India Ltd Cmp: ₹634
With the past couple of sessions’ up move, the stock has decisively surpassed the past one-year “multiple resistance” zone of 600-620 on a closing basis, along with huge volumes. The stock is well placed above its 20, 50, 100 and 200-day SMA, and these averages are also inching up along with rising averages, which reconfirms bullish sentiments. The daily and weekly “band Bollinger” buy signal shows increased momentum. The daily, weekly and monthly strength indicator, Relative Strength Index (RSI), is in favourable territory, indicating rising strength across all time frames.
Investors should consider buying, holding, and accumulating . Its expected upside is 715-750, and its downside support zone is the 620-600 levels.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.