Stock market today: Indian stock markets started off on a stable note on Friday as investors opted for a cautious approach while awaiting an official declaration regarding a potential US-India trade agreement.
The Nifty 50 index began at 25,935.10 points, an increase of 43.70 points or 0.17 percent, while the BSE Sensex commenced at 84,667.23, rising by 110.83 points or 0.13 percent.
Market analysts indicated that there is considerable optimism among investors concerning the proposed trade agreement between India and the United States, even though no formal confirmation has been issued yet.
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. The index is well placed above its 20, 50, 100, and 200-day SMA’s which reconfirms positive bias. From current levels, we expect this momentum to extend towards 26,300-26,500 levels. Any short-term correction towards 25,800-25,700 levels remains a buying opportunity. The daily and weekly strength indicator RSI is in positive territory, which indicates sustained strength.
Shipping Corporation of India Ltd Cmp: ₹248
On the daily chart, the stock has surpassed the multiple resistance zones of 243 levels on a closing basis, along with huge volumes. This increased participation at the breakout zone signifies the rising strength. The daily and weekly “band Bollinger” buy signal shows increased momentum. 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, 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 285-305, and its downside support zone is the 240-232 levels.
Bharat Forge Ltd Cmp: ₹1,296
The daily price action has confirmed a trend reversal as it has confirmed an inverse Head and Shoulder pattern at 1,271 on a closing basis. This breakthrough is accompanied by huge volumes, which signal increased participation. The daily “band Bollinger” buy signal shows increased momentum. The stock is well placed above its 20, 50, 100, and 200-day SMA, which reconfirms the bullish trend. The daily and weekly strength indicator, Relative Strength Index (RSI), is in favourable territory, indicating rising strength across all time frames.
Investors should consider buying, holding, and accumulating shares. Its expected upside is 1370-1400, and its downside support zone is the 1,265-1,235 levels.
Laurus Labs Ltd Cmp: ₹942
On the daily chart, share price is on the verge of a breakout at 944 levels. Huge rising volumes near this breakout zone signal increased participation. The stock is in a strong uptrend across all time frames. The stock is well placed above its 20, 50, 100, and 200-day SMA, which reconfirms the bullish trend. The daily and weekly strength indicator, 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 1,050-1,100, and its downside support zone is the 920-915 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.