Stock market today: The domestic benchmark indices, the Nifty 50 and Sensex, advanced on Wednesday, April 15, following gains in other Asian markets, as oil prices fell below $100 a barrel amid growing expectations for the revival of U.S.-Iran peace talks.
By 9:45 IST, the Nifty 50 had climbed 1.49% to reach 24,198.30, while the Sensex saw an increase of 1.52%, reaching 78,009.81.
Other Asian markets experienced a rise of 1.7%, and Wall Street stocks also advanced after U.S. President Donald Trump mentioned that discussions with Iran might recommence in Pakistan over the next two days, following a breakdown in negotiations last weekend.
Officials from Pakistan and Iran indicated that talks could potentially restart, driving Brent crude prices lower and enhancing expectations for a de-escalation in the conflict.
Nifty 50 Outlook by Sagar Doshi, Senior Vice President- Research, Nuvama Professional Clients Group
Nifty 50
Nifty 50 has been hovering near 1-month highs for the past 4 trading sessions despite global events creating a headwind. 23,770 has been acting as immediate closing-based support for the past trading week on the index and so far, this remains in play the index can head for 24,000 / 24,250 on the upside.
Bank Nifty
Bank Nifty has been outperforming Nifty 50 from the start of this calendar month and April series on the derivative front. 54,600 is the correlated zone on Bank Nifty to the one seen on Nifty 50 at 23,700 and so far, this holds on to as an active support zone Bank Nifty’s upside and upper hand remains open for 56,400 / 56,930 implying another 800 –1,400-point upside.
Stocks To Buy on Wednesday
On stocks to buy on Wednesday, Sagar Doshi of Nuvama recommended three stocks – Ltd, Ltd (NALCO), and Ltd.
Adani Enterprises Ltd (BUY): LCP: ₹2,129; SL: ₹2,040; TGT: ₹2,340
Adani group has been witnessing strong traction from the start of this calendar month, Adani Enterprises has ended at 6-week highs on verge of breaking out from a 6-month falling trendline. Despite multiple resistances the structure suggests a strong rejection from breakdown witnessed a fortnight ago can allow a short covering rally on this stock.
National Aluminium Company Ltd (NALCO) (BUY): LCP: ₹418; SL: ₹405; TGT: ₹466
Bullish flag breakout at the start of this month is seen on shares on National Aluminium. Stock has currently experienced 2nd highest closing ever in Monday’s trading, given the tailwind of Aluminium prices moving higher amid global supply shortage. A fresh all time high towards 460-466 is likely to play out given the strong tailwind in this geopolitical scenario.
NMDC (BUY): LCP: ₹85.8; SL: ₹83; TGT: ₹93
NMDC is nearing 2 years since it traded at all time high levels and over the past 4-5 quarters the stock has been repeatedly making higher lows in a corrective consolidating which has given shape to a huge bullish cup and handle formation on daily and weekly charts. Given the recent support-bounce from its 200 DMA, stock is now set to rage towards its previous all-time highs. Pattern breakout is visible and smaller as well as larger time frames with a wider target however, we would look for only initial targets to be met in this phase.
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.