Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, began the day on a positive note despite the ongoing tensions between India and Pakistan that continue to concern investors.
At 13:00 IST, the Nifty 50 index had risen by 304.35 points or 1.27 percent to reach 24,343.70, while the Sensex also saw an increase of 1,097.81 points or 1.39 percent, trading at 80,310.34.
Market participants remain primarily focused on the situation at the India-Pakistan border. Nonetheless, foreign portfolio investor (FPI) inflows continue to bolster Indian equities. Last week’s selling activity from high-net-worth individuals (HNIs) put some downward pressure on the markets, but overall sentiment seems to be improving as the new week begins.
On the earnings front, several significant companies are set to report their fourth-quarter and full financial year results today. These include UltraTech Cement, Indian Railway Finance Corporation, Adani Green Energy Limited, TVS Motor Company, IDBI Bank, Adani Total Gas, Oberoi Realty, Hexaware Technologies, Nippon Life India Asset Management, and UCO Bank. Investors will pay close attention to these results for additional market direction.
Dr. VK Vijayakumar, the Chief Investment Strategist at Geojit Investments, mentioned that a key factor behind the market’s resilience is the continuous purchasing by foreign institutional investors (FIIs), which has reached ₹32465 crores over the past eight days. FIIs have shifted from a prolonged selling phase to consistent buying, marking a significant turnaround. This shift is attributed to the underperformance of US stocks, bonds, and the dollar. Given the weakening US economy and the falling dollar, it is likely that FIIs will keep buying, thereby supporting the market.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
After showing sharp weakness amidst geo-political tensions between India and Pakistan on Friday, Nifty 50 witnessed a sustainable upside bounce so far today and is currently trading higher by 235 points so far today. The short-term trend of Nifty 50 remains positive and a decisive move above the hurdle of 24,360 could negate the current short-term bearish sentiment and that could pull Nifty 50 towards the next resistance of 24,550 levels and higher in the short term.
Technical Picks: Stocks to buy in the short-term
Nagaraj Shetti of HDFC Securities recommends these two stocks to buy in the short-term – HEG Ltd, and Prestige Estates Projects Ltd.
Buy HEG at ₹481, Target ₹510, Stoploss ₹465, Timeframe 1 week
After showing weakness with range bound action recently, the HEG share price has shifted into an upside bounce. Bullish pattern like higher tops and bottoms is intact and the HEG share price is in the formation of new higher bottom. Daily 14 period RSI shows positive indication.
Buy Prestige Estates Projects at ₹1,298, Target ₹1,370, Stoploss ₹1,260, Timeframe 1 week
Prestige Estates Projects share price has witnessed a sustainable upside bounce after the formation of crucial bottom reversal pattern in the early part of this month. Prestige Estates Projects share price has broken above the hurdle of ₹1,260 levels recently and is finding support around that area during dips as per change in polarity. The overall chart pattern is looking positive.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
