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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.
Nagaraj Shetti recommends buying Anant Raj shares at ₹554.50 with a target of ₹585 and a stop loss of ₹537, for a timeframe of 1 week. He also suggests buying Rico Auto Industries shares at ₹124.25 with a target of ₹132 and a stop loss of ₹119, also for a 1-week timeframe.
The Nifty 50 is in a consolidation phase with a positive bias, trading higher and nearing a resistance level around 24,400. Near-term upside targets are expected around the 24,600-24,800 levels by next week, with immediate support at 24,200.
The Indian stock market sentiment is positively influenced by easing crude oil prices and growing expectations of a potential peace deal between the US and Iran. These factors are helping to offset profit-taking and supporting a constructive broader trend.
Godrej Industries faces risks from high debt levels and interest coverage concerns. Ajanta Pharma's risks include heavy dependence on the US market, regulatory compliance, and pricing pressures. L&T Finance's primary risks are tied to its retail-heavy, rural-focused lending portfolio, high debt, and reliance on parent support.
The Nifty 50 has shown a strong rebound, holding the 24,000 level and showing signs of hope. While volatility may continue, the recent thrust suggests potential for further trends. However, it's noted that the market is still navigating global and domestic factors.
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.
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.
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.
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.
Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players. <br><br> At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors. <br><br> Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation. <br><br> Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content.
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