Stock market today: The domestic benchmark indices, Sensex and Nifty 50, experienced an upward trend on Thursday following the government’s reduction of taxes on various goods in a Goods and Services Tax (GST) reform designed to boost consumption in anticipation of the festive season and alleviate the impact of substantial US tariffs, among other issues.
The Nifty 50 index was trading at 24,758 . 40, rising by 40.90 points or 0.15 percent, while the Sensex was up by 193.97 points, trading at 80,802.42, which represents a gain of 0.30 percent.
Experts indicated that the existing conditions are favourable for a bull market, and any additional cuts in tariffs could allow the markets to reach new record highs in the near future.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
Nifty 50
Nifty 50 witnessed sharp upside breakout on Thursday on the backdrop of GST reforms announced by FM on Wednesday evening. The immediate hurdle of 24,750-24,800 has been broken out on the upside and the Nifty is currently trading higher. Thursday’s opening upside gap remains open and this is indicating positive bias for the market. The underlying trend of Nifty 50 continues to be positive and the next upside levels to be watched around 25,000-25,100 for the next few sessions. Immediate support is placed at 24,750.
Technical Picks: Stocks to buy in the short-term
Nagaraj Shetti of HDFC Securities recommends these two stocks to buy in the short-term – Motherson Sumi Wiring India Ltd, and Jubilant FoodWorks Ltd.
Buy Motherson Sumi Wiring at ₹43.80, Target at ₹48, Stoploss at ₹41, Timeframe 1-2 weeks.
Motherson Sumi Wiring India Ltd indicates a sustainable uptrend over the last few sessions. We observe bullish pattern like higher tops and bottoms. The stock price is currently moving towards the upside breakout of overhead resistance around ₹44.50 levels. Volume pattern and RSI shows positive indication.
Buy Jubilant FoodWorks at ₹656, Target at ₹710, Stoploss at ₹625, Timeframe 1-2 weeks.
The stock price has been in an accumulation phase over the last few weeks. Thursday’s upside breakout indicates renewed buying enthusiasm. The stock price is currently in an attempt of upside breakout of 200day EMA at ₹655. Volume has started to expand during upside breakout in the stock price and RSI shows positive indication.
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.