Latest news with #NagarajShetti
Mint
2 days ago
- Business
- Mint
Closing Bell!Nagaraj Shetti suggests Asahi India Glass, Swiggy shares to buy in the short term; do you own?
Stock market today: Indian stock markets were showing signs of weakness on Thursday, as investors remained wary of the potential for a US military strike and the unclear nature of Iran's reaction. However, in the second half of the Thursday's session, the benchmark indices rebounded with minor gains. At 14:08 IST, the Nifty 50 index was at 24,835 . 10, up by 23.80 points or 0.11%. Likewise, the Sensex was at 81,544.35, having risen 96.84 points or 0.13%. Market analysts have linked the cautious atmosphere to the risk of an intensifying conflict in the Middle East and concerns regarding a possible direct involvement by the US. Should this situation arise, significant selling pressure could be anticipated in global markets. On the technical front, Nagaraj Shetti of HDFC Securities suggests Nifty 50 support to be watched around 24,750 and the next lower support is placed at 24,500. Nagaraj Shetti recommends Asahi India Glass, Swiggy shares to buy in the near-term. After showing weakness from intraday highs on Wednesday, Nifty 50 shifted into a minor upside recovery from the day's low on Thursday and is currently trading on a slightly positive note. The underlying trend of Nifty 50 is range bound for the short term. Immediate supports to be watched at 24,750 and the next lower support is placed at 24,500 as per the broader high low range. Immediate resistance is at 25,000. Nagaraj Shetti of HDFC Securities recommends these two stocks to buy in the short-term - Asahi India Glass Ltd, and Swiggy Ltd. After showing a range bound action in the last couple of weeks, the stock price has witnessed an upside breakout on Thursday. The short term and long-term chart indicate a larger consolidation breakout for the stock price. Volume pattern and RSI indicates positive bias. The stock price has moved up sharply post healthy downward correction of last week. Bullish pattern like higher tops and bottoms has been formed as per daily timeframe chart. Volume expanded during upside breakout in the stock price and RSI shows positive indication. 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.
Mint
4 days ago
- Business
- Mint
Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 17
The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower Tuesday, tracking mixed global market cues. The trends on Gift Nifty also indicate a weak start for the Indian benchmark index. The Gift Nifty was trading around 24,974 level, a discount of nearly 22 points from the Nifty futures' previous close. On Monday, the domestic equity market ended sharply higher, with the benchmark Nifty 50 closing above the 24,900 level. The Sensex surged 677.55 points, or 0.84%, to close at 81,796.15, while the Nifty 50 settled 227.90 points, or 0.92%, higher at 24,946.50. Here's what to expect from Sensex, Nifty 50 and Bank Nifty today: Nifty Open Interest (OI) on the call side is concentrated at the 25,000 and 25,200 strike prices, suggesting these levels as key resistance zones. On the put side, significant OI build-up is seen at the 24,900 and 24,800 strike prices, highlighting these as important support levels, said Hardik Matalia, Derivative Analyst at Choice Broking. Nifty 50 witnessed an excellent follow-through upmove action on June 16 and closed the day higher by 227 points. 'A long bull candle was formed on the daily chart that has surpassed the hurdle of the recent opening downside gap area at 24,825 levels. Nifty 50 is placed again into a broader high low range of 24,500 - 25,100 levels and is currently moving up from the lower range towards the upper range area,' said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. He believes the underlying trend of Nifty 50 continues to be positive, and after the formation of short-term bottom reversal at 24,473 levels on Friday, Nifty 50 is expected to move towards the next hurdle of 25,100 - 25,200 levels in the next few sessions. Immediate support is placed at 24,800. Dr. Praveen Dwarakanath, Vice President of said that Nifty 50 covered the gap between 24,900 and 24,700 in yesterday's rally, forming a bullish candle; however, the index continues to trade in the range of 24,500 and 25,200. 'The options writers' data also suggests a range-bound move in the index for now. Nifty 50 index is bouncing from the support at the 24,500 level towards its resistance at the 25,200 level. The stochastics continued to fall even though the index rallied upside, indicating the upside momentum is limited to its resistance level. The ADX DI+ and the ADX DI- lines are moving crisscrossing each other, indicating no clear trend in the index. One can look to sell the index near its resistance and buy near its support until one of these levels is taken off,' said Dwarakanath. According to VLA Ambala, Co-Founder of Stock Market Today, Nifty 50 formed a bullish Marubozu candlestick pattern at the daily time frame and concluded above last week's closing price. 'This development offered a boost to the market sentiments. For this week, Monday's lower range of 24,600 to 24,700 will be a key range to watch. As long as the price sentiment remains bullish above this range, bulls will try to protect the range. The Nifty index's RSI was at 55 at the daily time frame, which indicated a moderate buying range for traders and investors. While the broader trend remains bullish, any dips in this range could present buying opportunities,' Ambala said. Reviewing these aspects, Ambala expects Nifty 50 to gather support between 24,900 and 24,750 and meet resistance near 25,180 and 25,250. Bank Nifty index gained 417.55 points, or 0.75%, to close at 55,944.90 on Monday, snapping its four consecutive sessions of losses. 'Bank Nifty formed a bull candle with a higher high and higher low and in the process filled its Friday's gap down area and 20 days EMA. In the coming session a move above 56,000 levels will open further upside towards 56,600 and 57,000 levels. Failure to do so will lead to consolidation in the range of 56,000 - 55,000 amid stock specific action,' Bajaj Broking Research said. On the downside only a breach below 55,000 levels will open downside towards the key support area of 54,500 - 55,000 in the coming sessions, the brokerage firm added. Om Mehra, Technical Research Analyst, SAMCO Securities noted that the Bank Nifty index formed a bullish candle on the daily chart, rebounding from the recent swing low of 55,149.30. 'Bank Nifty index has reclaimed the 20-day SMA and closed above the 38.2% Fibonacci retracement level at 55,840, drawn from the recent high to the low. The index is currently hovering just below the 56,100 mark, which coincides with the 50% retracement level, a key resistance zone in the short term. Sustained strength above this zone could open the door toward 56,640, the 78.6% retracement level,' Mehra said. On the downside, the 20-day EMA and the 23.6% retracement at 55,475 now serve as immediate support levels. The RSI has recovered to 55, from the lower levels. However, the MACD remains in negative territory with a slight narrowing of the histogram, he added. 'Overall, a decisive close above 56,200 would strengthen bullish sentiment, while any dip towards 55,800 – 55,720 could offer a favourable buy-on-dip opportunity,' Mehra said. 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.
Mint
5 days ago
- Business
- Mint
Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 16 amid Israel-Iran war
The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to track mixed trend in global markets on Monday as sentiment remains cautious amid the escalating conflict in the Middle East due to the Israel-Iran war. The trends on Gift Nifty indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 24,791 level, a premium of nearly 65 points from the Nifty futures' previous close. On Friday, the domestic equity market ended lower for the second consecutive session, with the benchmark Nifty 50 closing below 24,800 level. The Sensex declined 573.38 points, or 0.70%, to close at 81,118.60, while the Nifty 50 settled 169.60 points, or 0.68%, lower at 24,718.60. Here's what to expect from Sensex, Nifty 50 and Bank Nifty today: Sensex formed a long bearish candle on the weekly charts, and is currently trading comfortably below the 20-day SMA (Simple Moving Average), which is largely negative. 'We believe that as long as Sensex remains below the 20-day SMA or 81,600, weak sentiment is likely to continue. On the downside, the index could retest the level of 80,500. A breach of 80,500 could accelerate selling pressure. Below this level, Sensex could slip to the 50-day SMA around 79,900,' said Amol Athawale, VP-Technical Research, Kotak Securities. On the upside, he believes a break above 81,300 could extend the pullback move up to 81,600. Further gains may also continue, lifting Sensex toward 81,900 - 82,100. In the derivatives segment, the highest Nifty Call Open Interest (OI) is concentrated at the 24,800 and 25,000 strikes, suggesting strong resistance around these levels. On the downside, the highest Put Open Interest is seen at the 24,600 and 24,500 strikes, indicating strong support and traders' confidence in holding these levels, Choice Broking said. Nifty 50 ended below 24,800 level on June 13, and formed a bearish engulfing pattern on the weekly timeframe. 'The short-term trend of Nifty 50 is negative, but the medium-term trend remains positive. Nifty 50 seems to have entered a broader high low range of 24,500 - 25,100 again. Hence, any sharp weakness below 24,500 could possibly trigger a sharp selloff. However, any sustainable bounce from the support could pull Nifty 50 towards 25,100 levels again in the near term,' said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. Om Mehra, Technical Research Analyst, SAMCO Securities highlighted that the Nifty 50 has slipped below both the 9-day and 20-day exponential moving averages, indicating a weakening near-term trend. 'The daily Relative Strength Index (RSI) has cooled off to the neutral 50 mark, hinting at indecision, while the MACD remains skewed to the downside with a widening negative histogram, signaling continued bearish undertones. The support is now placed at 24,500, followed by 24,375, a breakdown of which could accelerate further downside risk. The resistance is seen at 24,850, with a stronger hurdle around 24,920. A close above these levels is essential for any meaningful recovery,' Mehra said. Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates Ltd. said that the Nifty 50 formed a bullish Marubozu candlestick pattern on the daily chart near the short-term consolidation base, indicating strength. 'Hence, the 24,500 level will act as immediate support for the index, while on the upside 25,000 – 25,200 zone will act as a major hurdle. As long as the index holds above 24,500, short term traders are advised to adopt a buy-on-dips strategy,' Yedve said. According to VLA Ambala, Co-Founder of Stock Market Today, Nifty 50 is expected to find support between 24,450 and 24,330, while facing resistance in the range of 24,750 to 24,860 in today's market session. 'In the coming week, market participants may view dips in the Nifty 50 index as potential buying opportunities for the long term. I suggest they remain vigilant and track ongoing geopolitical and economic developments to develop suitable strategies,' Ambala said. Bank Nifty index dropped 555.20 points, or 0.99%, to end at 55,527.35 on Friday. On a weekly basis, the index declined 1.86%, snapping a four-week winning streak, and formed a bearish engulfing pattern on the weekly chart. 'Bank Nifty index closed below the 21-day EMA, indicating short-term profit booking. However, it continues to hold above the crucial 55,000 support zone and the previous all-time high support near 54,500. As long as these levels are intact, the broader structure remains bullish, and a buy-on-dips strategy is advisable. On the upside, 56,100 remains a key resistance; a breakout above this level could trigger a fresh rally toward 56,600,' said Puneet Singhania, Director at Master Trust Group. He advises traders to watch for price action near support zones for potential entry opportunities. Bajaj Broking Research said in a note that the Bank Nifty index, on the weekly chart, formed a sizable bear candle signaling profit booking at higher levels around 57,000 levels. 'A move and a close below Friday's low of 55,150 levels will open further downside towards 54,500 - 54,000 levels in the coming sessions. Key supports are placed around those levels being the confluence of 50 days EMA and the lower band of the recent consolidation range. On the higher side 56,000 remains a key hurdle, only a move above the same will signal a pause in the current corrective decline,' said Bajaj Broking Research. According to Hrishikesh Yedve, Bank Nifty index found support near the 34-Day EMA and formed a bullish belt hold candlestick pattern on the daily chart, indicating strength. 'Immediate support for the Bank Nifty is placed near 55,150 (34-DEMA), while resistance is seen near 57,050. Traders are advised to follow a buy-on-dips approach as long as the index holds above 55,150,' Yedve said. 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.
Mint
12-06-2025
- Business
- Mint
Stocks to buy for short term: Nagaraj Shetti suggests Bajaj Finserv, Sun Pharma shares; do you own?
Stock market today: Indian stock markets began the day with caution on Thursday, influenced by weak global indicators and escalating geopolitical tensions between Iran and the United States. Investors exhibited a degree of anxiety as global sentiment soured, keeping domestic indices subdued during early trading. Although there was a small rise in the main indices, the overall market sentiment remained lackluster. According market experts, geopolitical tensions are taking the spotlight today, with both the US and Iran adopting firm stances ahead of their meeting scheduled for the weekend. This situation is once again a point of contention, reminiscent of the noise we have witnessed in recent weeks, particularly concerning the risk of an imminent Israeli strike on Iran. The Nifty 50 was down 0.41% to reach 25,039 . 70, while the Sensex slipped 0.39% to 82,197.67 by 12:20 IST. Nagaraj Shetti of HDFC Securities expects Nifty 50 support to be watched around 25,000 and there is a possibility of an upside bounce from the lower supports in the short term. Nagaraj Shetti recommends Bajaj Finserv, and Sun Pharmaceutical Industries shares to buy in the near-term. Nifty 50 continued to show choppy movement on Thursday and is currently trading lower by 42 points. After opening with a positive note, the market faced stiff resistance again around 25,200 levels and slipped into weakness so far today. The overall near-term uptrend remains intact and the short term trend is range bound. A sustainable move above the hurdle of 25,200 levels could open more upside towards 25,600 levels. Immediate supports to be watched around 25,000 and there is a possibility of an upside bounce from the lower supports in the short term. Nagaraj Shetti of HDFC Securities recommends these two stocks to buy in the short-term - Bajaj Finserv Ltd, and Sun Pharmaceutical Industries Ltd. After showing a range movement in the last one month, the financial stock has shifted into a sustainable upside bounce so far on Thursday. Currently, the stock price has broken above the down sloping trend line and is currently trading higher. The Pharma stock has eventually broken above the consolidation movement of the last two weeks today and is trading higher. The stock price has moved above the crucial resistance of 200day EMA at ₹ 1,710 levels on Thursday. The daily RSI shows positive indication. Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
Mint
11-06-2025
- Business
- Mint
Stock market today: Trade setup for Nifty 50 to global markets; Eight stocks to buy or sell on Wednesday — 11 June 2025
Stock Market Today: The benchmark Nifty-50 Index ended flat at 25,104.25 amidst ongoing consolidation in the market that is awaiting fresh triggers. The Bank Nifty at 56,629.10 ended 0.37% lower amidst mixed trend in the sectoral indices. Many indices led by Realty ended in the red while IT, pharma, energy were among gainers> The broader indices also ended almost flat. Despite showing choppy movement in the short term, the near-term uptrend setup of Nifty remains positive and a sustainable move above 25200 levels could open the next upside towards 25600 levels in the near term. Immediate support is placed at 25000-24900 levels, said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. For Bank Nifty immediate support is seen at 55,400, however Bajaj Broking expects the index to maintain its upward bias. Investors will be closely watching Trump's speech later today and the U.S. inflation report due on Wednesday and India CPI due on Thursday, for further direction. Looking ahead, we expect markets to continue to consolidate and remain range-bound with a positive bias, said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd. Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, suggested three stocks, while Shiju Koothupalakkal, Senior Manager — Technical Research, at Prabhudas Lilladher has given three stock picks These include Adani Green Energy Ltd, Dr Reddy's Laboratories Ltd, Bharat Forge Ltd, CESC Ltd, Cummins India Ltd , Torrent Power Ltd m Chambal Fertilisers & Chemicals Ltd and GlaxoSmithKline Pharmaceuticals Ltd Adani Green Energy Ltd- Bagadia Buy ADANIGREEN at around ₹ 1060.5 keeping Stoploss at ₹ 1023 for a target price of ₹ 1135 ADANIGREEN is currently trading near ₹ 1060, showing a strong recovery with three consecutive bullish sessions, which signals a significant reversal in momentum. The stock has successfully broken out of its recent lower high, supported by a notable increase in trading volumes that indicates strong buying interest. If ADANIGREEN maintains its position above the ₹ 1150 level, it is well-positioned for further upward movement, with a potential target of ₹ 1135. 2. Dr Reddy's Laboratories Ltd- Bagadia recommends buying Dr Reddy's Laboratories at around ₹ 1348.80 keeping Stoploss at ₹ 1300 for a target price of ₹ 1443 DRREDDY is currently trading at the levels of 1348.8, exhibiting a strong bullish trend on the daily chart, having recently completed a breakout from an ascending channel pattern. This breakout is supported by rising volumes and consistent upward price action over recent sessions. The stock has gained significant momentum, rallying to a recent high of 1362.6. 3. Bharat Forge Ltd - Dongre recommends buying BHARATFORG at around ₹ 1340 keeping Stoploss at ₹ 1310 for a target price of ₹ 1380 Stock has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 1340 and maintaining a strong support at ₹ 1310. The technical setup indicates the potential for a price retracement towards the ₹ 1380 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹ 1310 offers a prudent approach to capturing the anticipated upside. 4. CESC Ltd - Dongre recommends buying CESC at around ₹ 171 keeping Stoploss at ₹ 164 for a target price of ₹ 183 Stock has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 171 and maintaining a strong support at ₹ 164. The technical setup indicates the potential for a price retracement towards the ₹ 183 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹ 164 offers a prudent approach to capturing the anticipated upside. 5. Cummins India Ltd- Dongre recommends buying CUMMINSIND @ 3388 SL 3440 TGT 3500In the latest short-term technical analysis, stock has shown a strong and consistent bullish trend, indicating the potential for an extended upward move. The stock is currently trading at ₹ 3388 and holding above a key support level at ₹ 3440. This support zone serves as a critical point for risk management. Given the bullish momentum, traders are advised to consider a buying opportunity with a stop-loss placed strategically at ₹ 3440 to manage downside risk. The target for this trade is set at ₹ 3500, suggesting a favorable risk-to-reward ratio and a continuation of the prevailing upward trend. 6. Torrent Power Ltd- Koothupalakkal recommends buying TORRENT POWER at around ₹ 1451 for a target price at ₹ 1520 keeping stop loss at Rs1425 The stock after a short period of consolidation has indicated a bullish candle formation on the daily chart just moving past the important 50EMA level at ₹ 1441 with decent volume participation involved to improve the bias and can anticipate for further rise in the coming sessions. The RSI has been flat for quite a while and has indicated a positive trend reversal to indicate strength and can carry on with the positive move further ahead. With the chart technically well positioned. 7. Chambal Fertilisers & Chemicals Ltd- Koothupalakkal recommends buying CHAMBAL FERT at around ₹ 565 for a target price of ₹ 590 keeping Stop loss at ₹ 553 The stock after witnessing a significant correction has indicated a strong bullish candle formation taking support near the 200 period MA at ₹ 540 zone and has improved the bias to expect for further gains in the coming sessions. The RSI has triggered the buy signal from the highly oversold zone and looks very much attractive with much upside potential visible and can carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock for an upside target of ₹ 590 keeping the stop loss of ₹ 553 level. 8. GlaxoSmithKline Pharmaceuticals Ltd- Koothupalakkal recommends buying GlaxoSmithKline Pharmaceuticals or GLAXO at around ₹ 3398 for a target price of ₹ 3520 keeping Stop loss at ₹ 3340 The stock after witnessing the short period of correction from ₹ 3500 level, it has indicated a strong recovery in the final hours with volume participation visible and has improved the bias in the hourly chart to anticipate for further rise in the coming session. The RSI in the hourly time frame is well placed and has indicated a buy signal to expect for another round of fresh momentum to gain further. With the chart looking good, we suggest buying the stock for an upside target of ₹ 3520 level keeping the stop loss of ₹ 3340 level. 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.
