Stock market today: The rally made a comeback in the Indian stock markets on Thursday as the government’s decision to streamline Goods and Services Tax (GST) rates enhanced investor confidence.
This positive trend has increased expectations for a robust rally as Diwali approaches, with major indices starting off significantly higher.
The Nifty 50 index commenced at 24,980.75, gaining 265.70 points or 1.08 percent, signifying a strong rise in this benchmark. The Sensex also surged by 882 points to open at 81,450.55, reflecting a gain of over 1 percent.
Analysts suggested that the current circumstances are conducive to a bull market, and any further cuts in tariffs could enable the markets to reach new all-time highs soon.
Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One
After a brief pause on Tuesday, bulls regained momentum. Still, uncertainty lingers as Nifty 50 continues to alternate between up and down days. On the daily chart, the index has closed just below the 20DEMA, a level that acted as resistance on Tuesday. A sustained move beyond 24,750–24,800 would open the way for the bulls to target 24,900–25,000, and if supported by global and domestic cues (especially the GST Council outcome), Nifty 50 could extend towards 25,200 and higher in the near term. On the downside, the matching lows around 24,500 act as immediate support, while the 24,400–24,350 zone remains sacrosanct. Traders should keep a close watch on these levels and continue with a buy-on-dips strategy, given the strength in broader markets.
On the sectoral front, multiple themes have performed well in recent sessions, but an interesting setup is now developing in the heavyweight Bank Nifty, which has been underperforming. For the last four sessions, the index has consistently defended the 53,500 level and has formed a series of bullish candles: Monday – Bullish Marubozu, Tuesday – Last Engulfing Bottom, and Wednesday – Bullish Engulfing. This price action suggests that Bank Nifty may be gearing up to catch up with its peers and could lead in the coming sessions, potentially adding further strength to the benchmark index.
Stocks To Buy on Thursday- Osho Krishan
On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks – Zydus Lifesciences Ltd, and Hindustan Copper Ltd.
Zydus Lifesciences Ltd
Zydus Lifesciences share price has been demonstrating a notable secular uptrend, characterized by the consistent formation of higher highs and higher lows on the daily time frame chart. In recent trading sessions, the stock has successfully moved above all key EMAs, indicating a strong bullish momentum. This upward movement is further reinforced by positive crossovers across various technical indicators, suggesting a healthy demand for the stock. Consequently, the short-term outlook for Zydus Lifesciences remains optimistic, indicating opportunities for continued growth.
Hence, we recommend to BUY Zydus Lifesciences around ₹1,000, keeping a stop loss at ₹950 for potential upside Target of ₹1,080.
Hindustan Copper Ltd
Hindustan Copper share price following a notable decline, has begun to regain momentum and has recently retested its 200-DSMA from a lower range. The recent emergence of buying activity from an oversold position indicates the potential for sustained momentum in the near term. Additionally, the 14-day RSI has witnessed a positive crossover, adding a bullish quotient. Furthermore, from a risk-reward perspective, the stock appears to be well-positioned, presenting an optimistic outlook from a short-term standpoint.
Hence, we recommend to BUY Hindustan Copper around ₹245-240, keeping a stop loss at ₹230 for potential upside Target of ₹265-270.
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.
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