Stock market today: The Indian stock markets began the day on a cautious note, trading in the negative as investors became apprehensive ahead of the upcoming US tariffs, coupled with weak global indicators and ongoing instability in Ukraine.
At 11:46 IST, benchmark Nifty 50 index was trading at 24,940 . 45, declining by 144.15 points or 0.57 percent, while the BSE Sensex was at 81,537.44, down by 463.27 points or 0.56 percent.
Market analysts pointed out that the sentiment remains delicate, with traders hesitant to adopt bold positions.
Investors will seek indications in Powell’s upcoming speech to assess whether the U.S. central bank will reduce interest rates by 25 basis points as anticipated in September. Nevertheless, market expectations for a rate cut eased somewhat following the publication of the minutes from the Fed’s July meeting.
Concerns regarding U.S. tariffs on Indian products set to take effect on August 27 and the ambiguity surrounding the Russia–Ukraine peace negotiations also played a role in the downturns.
Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP – Technical and Derivatives Research, Axis Securities
Nifty 50
The Nifty 50 is exhibiting signs of short-term consolidation with an overall positive bias, buoyed by a recent recovery and bullish indications from short-term moving averages. In the upcoming sessions, key resistance levels are identified at 25,100 to 25,200, with immediate hurdles at 25,100 and 25,200. A decisive breakout above these levels could lead to further upward movement towards the 25,400 region. On the downside, critical support is observed around 25,000 to 24,900.
Cipla Ltd Cmp: ₹1,594
Since Oct.2024, the stock has been consolidating within ₹1,580-1,400 levels, representing a strong accumulation. However, with the current close, the stock has decisively surpassed the “multiple resistance” zone of 1580 levels on a closing basis. This breakout is accompanied by huge volumes, which signify the increased participation. The stock is well placed above its 20, 50,100 and 200-day SMA, which reconfirms a bullish trend, and these averages are also inching up along with the price rise, which reconfirms bullish sentiments. The daily, weekly and monthly strength indicator RSI indicates rising strength.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹1,660-1,720, and its downside support zone is the ₹1,575-1,540 levels.
The stock is in a strong uptrend across all time frames, forming a series of higher tops and bottoms. On the daily chart, the stock has also confirmed a “cup & handle” formation breakout at 161 levels on a closing basis, which is a continuation of the prior uptrend. This breakout is accompanied by huge volumes, which signify the increased participation. The stock is well placed above its 20, 50,100 and 200-day SMA, which reconfirms a bullish trend, and these averages are also inching up along with the price rise, which reconfirms bullish sentiments. The daily, weekly and monthly strength indicator RSI indicates rising strength. The daily and weekly “band Bollinger” buy signal signifies increased momentum.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹185-205, and its downside support zone is the ₹161-155 levels.
With the current close, the stock has decisively surpassed the past one-year “multiple resistance” zone of 3,870 levels on a closing basis, indicating bullish sentiments. The stock is well placed above its 20, 50,100 and 200-day SMA, which reconfirms a bullish trend, and these averages are also inching up along with the price rise, which reconfirms bullish sentiments. The daily, weekly and monthly strength indicator RSI indicates rising strength.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹4,000-4,140, and its downside support zone is the ₹3,800-3,720 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.