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Stock market today: The domestic benchmark indices, the Nifty 50 and BSE Sensex, opened lower on Friday, 8 May, amid rising crude oil prices and renewed tensions between the US and Iran, which weighed on investor sentiment.
As of 10:21 IST, the Nifty 50 declined 0.47% to 24,213.40, while the Sensex fell 0.51% to 77,448.45.
Selling pressure was broad-based, with 12 of the 16 major sectoral indices trading in the red. However, broader markets remained relatively resilient, with the midcap and smallcap indices gaining 0.1% and 0.2%, respectively.
Rajesh Palviya of Axis Securities recommended buying NBCC (India) Ltd, Lupin Ltd, and RBL Bank Ltd.
The Nifty 50 is in an uptrend, facing resistance around 24,500-24,600 and support at 24000-23800. Experts suggest it needs to hold above 24,300 for further upside.
These stocks show bullish trends supported by moving averages (20, 50-day SMAs), positive RSI readings across multiple time frames, and volume surges on price breakouts.
Chandan Taparia recommends a buy for RBL Bank with a target price of ₹365 and a stop loss of ₹333. Rajesh Palviya suggests an upside of 360-385 and support at 335-328.
The Indian stock market opened lower and remained volatile, influenced by rising crude oil prices and US-Iran tensions. Broader markets showed resilience, with midcap and smallcap indices gaining.
Asian markets also came under pressure, falling around 1.3%, after Brent crude climbed back above $100 per barrel. Oil prices rebounded after the US and Iran exchanged fire on Thursday, marking the most serious escalation since the month-long ceasefire began.
Despite the weak opening, market experts said Indian equities continue to display resilience amid volatility, supported by sustained buying interest in broader market pockets such as midcaps, defence, capital goods, and power stocks.
The index is in an uptrend on the daily chart, forming a series of higher tops and bottoms. Currently, the prices are well above the 20- and 50-day SMAs, which reconfirms bullish sentiments. Nifty 50 is facing a short-term resistance around 24,500-24,600 levels, and any decisive close above the same may trigger further upside towards 24,800-25,000 levels. The crucial support zone is placed around 24000-23800 levels. The daily and weekly strength indicator RSI is in positive territory, indicating rising strength.
With the current close, the stock surpassed the "multiple resistance zone" of 96 on a closing basis, accompanied by huge volumes indicating a strong comeback of bulls. The 20- and 50-day simple moving average (SMA) positive crossover reconfirms the bullish trend. The daily and weekly Relative Strength Index (RSI) is in favourable territory, indicating rising strength across all time frames.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is 103-106, and its downside support zone is the 95-91 levels.
On the daily and weekly time frame, the stock decisively surpassed the "multiple resistance" zone of 2390 on a closing basis, accompanied by huge volume, indicating a resumption of the prior uptrend. The stock is well placed above its 20, 50, 100 and 200-day simple moving averages (SMAs). These averages are also inching up with the price rise, which reconfirms bullish sentiment. The daily and weekly "Bollinger Band" buy signals indicate increased momentum. The daily, weekly and monthly Relative Strength Index (RSI) is in favourable territory, indicating rising strength across all time frames.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is 2550-2700, and its downside support zone is the 2430-2400 levels.
On the daily and weekly charts, the stock is in a strong uptrend, forming a series of higher tops and bottoms, which indicates sustained upward momentum.The stock is well placed above its 20, 50, 100 and 200-day simple moving averages (SMAs). These averages are also inching up with the price rise, which reconfirms bullish sentiment. The daily and weekly "Bollinger Band" buy signals indicate increased momentum. The daily, weekly and monthly Relative Strength Index (RSI) is in favourable territory, indicating rising strength across all time frames.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is 360-385, and its downside support zone is the 335-328 levels.
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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