Stock market today: India’s stock benchmarks opened slightly lower on Friday, taking a breather after a recent surge, impacted by margin worries concerning Infosys and Wipro, despite both companies exceeding revenue predictions for the September quarter.
Sensex dropped 261.58 points to 83,206.08 in early trade; Nifty 50 declined 76.7 points to 25,508.60.
At the open, ten out of the 16 major sectors reported losses. The broader small-cap and mid-cap indices dropped by 0.1% and 0.4%, respectively.
The IT sector index decreased by 1.25%, with Wipro plummeting 4.5% even after surpassing second-quarter revenue forecasts, as analysts expressed concerns about margin pressures from new deals and recent acquisitions.
The Nifty 50 and Sensex closed Thursday at three-month peaks, currently sitting less than 3% below their all-time highs set in September 2024, driven by optimism surrounding an earnings recovery and expectations for rate cuts in both domestic and US markets.
Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP – Technical and Derivatives Research, Axis Securities
Nifty 50
With the current close, the benchmark index has decisively surpassed the swing high of 24,448 levels on a closing basis, indicating strong bullish sentiments. On the hourly and daily charts, the index is trending higher, forming a series of higher tops and bottoms, indicating positive bias.
From current levels, the crucial support zone is placed around 25,300 levels, and any violation of the same on a closing basis may cause further downside towards 25,200-25,000 levels. On the other hand, we expect the index is likely to extend its upward move towards 25,800-26,000 levels. The daily and weekly strength indicator RSI is in positive territory, which indicates sustained strength.
Ceat CMP: ₹3,705
On the daily chart, Ceat share price has decisively surpassed the past three months’ multiple resistance zone of 3,610 levels on a closing basis, along with huge volumes, which signals bullish sentiments. The stock is well placed above its 20, 50, 100 and 200-day SMA, and these averages are also inching up along with rising averages, which reconfirms bullish sentiments. The Bollinger band buy signal on the daily chart signifies increased momentum. The daily, weekly strength indicator, 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 3,900-4,040, and its downside support zone is the 3,610-3,480 levels.
SRF CMP: ₹3,200
With the current week’s price movement, SRF share price has successfully surpassed multiple resistance zones of 3,030 on a closing basis, which shows a strong breakout. The Bollinger band buy signal on the daily chart signifies increased momentum. The stock is well placed above its 20, 50, 100 and 200-day SMA, which reconfirms positive bias. The daily, weekly strength indicator, 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 3,300-3,485, and its downside support zone is the 3,130-3,085 levels.
Godrej Properties CMP: ₹2,205
With the current close, Godrej Properties share price has given a breakout of the past couple of months’ “consolidation range” breakout (2,170-1,930) at 2,170, along with huge volumes indicating a short-term trend reversal. The positive crossover of 20 and 50-day SMAs signifies bullish sentiments. The Bollinger band buy signal on the daily chart signifies increased momentum. The daily, weekly strength indicator, 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 2,350-2,413, and its downside support zone is the 2,150-2,130 levels.
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.
