The Indian stock market witnessed a sharp sell-off on Thursday amid negative global cues. The benchmark Nifty 50 Index fell 1.02%, closing at 23,951.70, slipping below the psychological 24,000 mark. The S& P BSE Sensex declined 1.20%, ending at 79,218.05. Broader markets showed some resilience, with smaller declines of 0.3%-0.5%.
Key sectoral indices, such as Nifty Bank, which closed 1.08%lower at 51,575.70, along with IT and Metals, were the prominent losers.
Trade Setup for Nifty 50
Experts see the 200-day exponential moving average(DEMA) around the 23,700 level as the next important floor for Nifty. Below this, the counter could send sharply southwards. Bank Nifty continues to stay in "sell-on-rise" mode. Immediate resistance for Bank Nifty is at 52,000. If this momentum of lower levels is sustained, Bank Nifty may drift down toward its 200-day moving average of 50,482.
Global Cues
Weak global cues following the US Federal Reserve signalling a lower pace of rate cuts in 2025 triggered the market's decline. Important global events this week are US GDP data, interest rate decisions by the Bank of England, and RBI MPC meeting minutes that will still guide the markets.
Stocks to Watch on Friday
The following stocks are recommended for today's trading by top analysts:
1. Coforge Ltd (Buy)
- Buy Price:₹9,657
- Target:₹10,333
- Stop Loss:₹9,319
- Reasoning: Strong bullish trend supported by higher volumes and new all-time highs.
2. BSE Ltd (Buy)
- Buy Price:₹5,791.45
- Target:₹6,197
- Stop Loss: ₹5,589
- Reason: Bullish engulfing pattern and above key EMAs.
3. Emami Ltd (Buy)
- Buy Price:₹600
- Target:₹620
- Stop Loss:₹585
- Reason: Bullish reversal pattern, expecting to move up to ₹620.
4. State Bank of India (Buy)
- Buy Price:₹833
- Target:₹855
- Stop Loss:₹820
- Rationale: Support at ₹820 with a potential rally to the next resistance level.
5. ICICI Bank Ltd (Buy)
- Buy Price: ₹1,288
- Target:₹1,320
- Stop Loss: ₹1,265
- Reason: This is a bullish reversal pattern indicating a rebound potential.
Outlook
Markets will continue to be volatile with both global cues and domestic events. Investors should be on their guard and watch the critical support levels and resistance zones closely.
Disclaimer: The views and stock recommendations are those of the analysts and do not represent ICFM. Investors are advised to consult certified experts before making investment decisions.
