The Indian stock market has recently shown some turbulence due to rising geopolitical tensions, yet it has also demonstrated resilience. Following a rally on Thursday, key indices faced significant selling pressure on Friday, leading to a notable drop. The Nifty 50 fell by 265 points, or 1.1%, settling just above 24,000 at 24,008, while the BSE Sensex experienced a sharp decline of 880 points, marking its largest intraday decline since April 7 and closing at 79,454.
Current Market Sentiment
As we look towards the future, market analysts are keenly observing the ongoing Q4 earnings season, which features major players like Tata Steel, Tata Motors, Bharti Airtel, and Hindustan Aeronautics preparing to release their results. Siddhartha Khemka, Head of Research at Motilal Oswal, emphasized that investors should also monitor macroeconomic indicators, notably India’s Consumer Price Index (CPI) and industrial production data from the US. These metrics are crucial for understanding the broader economic landscape.
Technical Analysis and Predictions
Nagaraj Shetti, a Senior Technical Research Analyst at HDFC Securities, highlighted the impact of geopolitical issues on market performance. He noted that if the Nifty 50 continues to decline, it could find strong support between the 23,800-23,600 range. Conversely, he suggested that the index might experience a bounce from these lows, with immediate resistance identified at 24,200.
Om Mehra, a Technical Research Analyst at SAMCO Securities, provided insights on the Bank Nifty. He indicated that unless the index surpasses the 55,000 mark, momentum may remain negative. However, a consistent hold above 54,600 could pave the way for an upward trend in the upcoming sessions.
Top Stocks to Consider Under ₹100
For investors looking for opportunities, several experts have identified promising stocks to buy today, each priced under ₹100. Here’s a quick list of recommendations:
- MMTC: Buy at ₹52, Target ₹56, Stop Loss ₹50 (Vaishali Parekh, Prabhudas Lilladher)
- PNB: Buy near ₹91, Target ₹97, Stop Loss ₹88 (Mehul Kothari, Anand Rathi)
- NBCC: Buy near ₹91.50, Target ₹100, Stop Loss ₹87 (Mehul Kothari, Anand Rathi)
- Reliance Power: Buy at ₹38.40, Target ₹41.20, Stop Loss ₹37 (Sugandha Sachdeva, SS WealthStreet)
- Dhani Services: Buy at ₹53, Target ₹57, Stop Loss ₹50 (Anshul Jain, Lakshmishree Investment and Securities)
Conclusion
As the Indian stock market reacts to both domestic and international influences, investors are advised to proceed with caution, particularly in light of the ongoing geopolitical situation. Keeping an eye on earnings reports and key economic indicators will be essential for making informed investment decisions. Whether you’re looking to capitalize on current trends or consider long-term investments, staying updated on market dynamics will be crucial.
