India’s stock market held steady on Thursday, with little change following a 1.5% increase over the prior three sessions. Investors are closely watching the election results from Bihar, a crucial northern state that may shape future government policies.
In early trading, the Sensex dipped by 205.08 points to 84,261.43, while the Nifty 50 fell by 61.15 points to 25,814.65. Despite these declines, the outlook remains optimistic due to declining domestic inflation and easing trade tensions. Moreover, the resolution of a U.S. government shutdown has drawn global investors’ attention back to delayed economic data from the U.S., which could impact interest rate predictions.
Experts predict minor fluctuations in domestic stocks today as they consolidate around current levels ahead of the Bihar election results scheduled for Friday.
Recent trends from the Nifty 50 indicate a strong trading session influenced by exit polls and positive discussions surrounding trade, bolstering market sentiment. The index opened with a gap-up and continued climbing, finishing the day near the 25,900 mark—a gain of 0.70%.
The market displayed broad support across various sectors, reflecting a generally bullish atmosphere. Notably, technical indicators suggest a possible continuation of the upward trend after a consolidation phase. Traders look to the bullish gap between 25,780-25,715 for support, while the critical support ranges between 25,600-25,500. On the resistance side, the psychological level of 26,000 remains pivotal; surpassing this could drive the index toward new lifetime highs.
Looking ahead, analysts maintain a positive market outlook, advocating for a ‘buying on dips’ strategy. Increased activity in the Midcap index and ongoing trade negotiations further emphasize the need for investor vigilance.
Today, Osho Krishan from Angel One identified two promising stocks to buy.
First, Berger Paints India Ltd is showing signs of resurgence after an extended consolidation, boosted by rising trading volumes and favorable technical indicators. The stock has broken above key moving averages, suggesting a bullish trajectory. Investors may consider buying around ₹550-540, with a Stop Loss set at ₹520 and a target of ₹600.
Second, Hyundai Motor India Ltd has recently stabilized after declining from its peak of 2890. The stock is attracting buying interest at lower levels, bolstered by support from technical indicators. A potential upward trend appears on the horizon. Investors can look to buy in the range of ₹2,380-2,360, with a Stop Loss at ₹2,265 and a target between ₹2,550-2,590.
Overall, despite the current market fluctuations, there are opportunities for investors to capitalize on in the coming days.