Stock market today: The domestic benchmark indices, the Nifty 50 and BSE Sensex, traded largely flat on Thursday, 7 May, as easing crude oil prices helped offset profit-taking following the sharp rally in the previous session.
As of 13:52 IST, the Nifty 50 was up 0.07% at 24,355 . 8, while the Sensex edged 0.04% higher to 78,009.74.
Both benchmark indices had surged around 1.2% each in the previous session and fluctuated between gains of 0.4% and losses of 0.2% in early trade on Thursday.
Asian markets also traded higher amid reports that the US and Iran were moving toward a potential agreement to end the conflict, triggering a sharp correction in global crude oil prices.
Brent crude, which had declined 7.8% in the previous session, hovered near the $102 per barrel mark during early Asian trading hours on Thursday.
Lower crude oil prices are viewed positively for India, the world’s third-largest crude importer, as they help ease inflationary pressures, support economic growth, and improve corporate earnings outlook.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
Nifty 50
After witnessing a sharp bounce back from intraday lows on Wednesday, the Nifty 50 has shifted into a consolidation phase with positive bias so far on Thursday and is currently trading higher by 37 points. The range movement in the last few sessions has been broken on the upside, and the Nifty 50 is currently at the edge of surpassing another resistance level around 24,400. This is a positive indication, and one may expect the Nifty 50 to surge higher in the near term. The next upside targets to be watched are around the 24,600-24,800 levels by next week. Immediate support is placed at 24,200.
Buy Anant Raj at ₹554.50, Target at ₹585, Stoploss at ₹537, Timeframe 1 week
Anant Raj share price has witnessed a sharp upmove this week, breaking above the crucial down-sloping trend line on the weekly chart at the ₹500-510 levels, and is currently trading higher. We observe a bullish chart pattern, with higher tops and bottoms in the weekly timeframe. Volume expanded during the stock price’s upside breakout, and the daily/weekly RSI indicates a positive signal.
Buy Rico Auto Industries at ₹124.25, Target at ₹132, Stop Loss at ₹119, Timeframe: 1 week
After witnessing a minor downward correction amid range movement last week, Rico Auto Industries share price has broken out of its consolidation so far on Thursday and is currently trading higher. A bullish chart pattern, such as higher tops and bottoms, remains intact on the weekly chart. Daily/weekly RSI and volume patterns are indicating a positive bias for the stock price ahead.
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.
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