Stock market today: Benchmark stock market indices Sensex and Nifty 50 reached new record highs in early trading on Thursday, fueled by positive global trends and increasing optimism about a potential rate cut by the US Federal Reserve, along with foreign investments.
Continuing its upward momentum from the previous day, the Sensex surged by 416.67 points to establish a new record high of 86,026.18 during morning trading. The previous all-time high for the index was 85,978.25, reached on September 27, 2024.
Meanwhile, the Nifty 50 increased by 101.65 points to achieve an unprecedented high of 26,306.95. Earlier, the broader index had also reached its record intra-day peak of 26,277 on September 27, 2024.
Experts noted that improved sentiments for global equity markets are attributed to the anticipated rate cut by the Fed and the potential for a peace agreement between Russia and Ukraine.
Supportive global signals also played a role. US markets stayed on an upward trajectory as hopes for Federal Reserve rate cuts outweighed the decline in AI stocks. Asian markets began the day with gains, following the positive performance in the US, with a resurgence in buying for tech stocks.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
Nifty 50
Nifty 50 witnessed a decisive breakout on Wednesday after a few sessions of consolidation movement and closed higher. The follow-through upmove was seen amidst range movement so far Thursday and Nifty 50 registered at all time high around 26,300 levels and is currently trading higher.
The bullish chart pattern like higher tops and bottoms is intact on the daily chart and the recent downward correction has been retraced faster on the upside on Wednesday. The intraday support is placed around 26,200-26,150 levels. A sustainable upmove from here could open the next upside target of around 26,500-26,600 levels in the next few sessions.
Technical Picks: Stocks to buy in the short-term
Nagaraj Shetti of HDFC Securities recommends these two stocks to buy in the short-term – Rallis India Ltd, and Sandur Manganese & Iron Ores Ltd.
Buy Rallis India at ₹263, Target of ₹280, Stoploss of ₹253, Timeframe 1-2 weeks
Rallis India share price seems to have formed an important bottom reversal in the last week around ₹245 and bounced back sharply in the short term. The bullish candle pattern has been formed on the daily and weekly timeframe charts. Volume has started to expand during upside breakout in the stock price and daily RSI shows positive indication.
Buy Sandur Manganese & Iron Ores at ₹214.50, Target of ₹230, Stoploss of ₹206, Timeframe 1-2 weeks
We observe bullish flag type pattern in the stock price as per weekly timeframe chart. The stock has bounced back from near the support of previous swing highs as per the concept of change in polarity. Volume and RSI patterns are indicating positive outlook for the stock price for the near term.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
