The Indian stock market remained in a consolidation phase on Thursday, with the benchmark Nifty 50 index edging higher by 0.22%, closing at 23,205.35. The S&P BSE Sensex followed suit, adding 0.15% to end at 76,520.38. Despite the gains in the broader indices, the Bank Nifty experienced a decline, falling 0.28% to 48,589.00. Similarly, the oil and gas sector saw some weakness.
Market performance was supported by notable gains in the Pharma, IT, and Auto sectors, as investors focused on stock- and sector-specific movements. Broader indices also rebounded, registering a 1-2% rise.
Global Markets and Key Events
Looking ahead, global markets will be closely watching the outcome of the Bank of Japan’s monetary policy meeting tomorrow, with expectations of a 25 basis point rate hike. Analysts believe that domestic markets may continue to trade in a broad range, with stock and sector-specific movements being largely driven by the outcome of quarterly results. Notably, results from companies such as JSW Steel, Indigo, and Godrej Consumer are expected tomorrow.
Stock Recommendations
Several stocks are being recommended by analysts based on their recent technical patterns:
- Sun Pharmaceuticals
Buy at ₹1,833.60, Target ₹1,962, Stoploss ₹1,769
The stock has shown strong reversal patterns and has crossed key resistance levels, making it a strong buy with an upside potential. - Birlasoft Ltd
Buy at ₹554.90, Target ₹594, Stoploss ₹535
After breaking out from a falling trendline, Birlasoft shows a bullish reversal, with a target price of ₹594. - Aditya Birla Capital Ltd
Buy at ₹174, Target ₹182, Stoploss ₹170
A bullish reversal pattern suggests the stock could rise to ₹182 from its current price of ₹174. - Mahanagar Gas Ltd
Buy at ₹1,313, Target ₹1,345, Stoploss ₹1,280
Mahanagar Gas has shown a reversal at ₹1,313, with the potential to reach ₹1,345. - Supreme Industries Ltd
Buy at ₹3,968, Target ₹4,050, Stoploss ₹3,900
A bullish reversal suggests the stock could rise to ₹4,050, with a key support at ₹3,900.
As markets remain in a consolidation phase, investors are advised to closely monitor earnings reports and global cues for further direction.
*Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Business Headline. We advise investors to check with certified experts before making any investment decisions.
