Stocks to buy: Nagaraj Shetti recommends JM Financial, Canara Bank shares to buyStock market today: The Nifty 50 and Sensex, the primary domestic indices, experienced a decline on Thursday, April 9, reversing after a notable increase in the previous trading day, as renewed conflicts in the Middle East muddied prospects for a sustainable ceasefire between Iran and the US.
At 11:38 IST, the Nifty 50 fell by 0.62% to 23,851 . 15, while the Sensex decreased by 0.77% to76,966.49.
On Wednesday, both indices had increased by around 4% each, driven by a decrease in oil prices following the establishment of a ceasefire between the United States and Iran, which sparked a rally in global markets.
Investor sentiment turned cautious after Iran announced it would be "unjust" to pursue negotiations with Washington following Israel’s most severe bombardment of Lebanon on Wednesday.
Conflicting signals prior to the planned US-Iran talks on Saturday, along with Tehran's warning of possible retaliation, increased fears that the ceasefire could just be a temporary pause.
After witnessing a massive upmove on the back of Ceasefire announcement by US-Israel and Iran on Wednesday morning, the Nifty 50 shifted into a consolidation with weak bias so far Thursday. The opening sharp upside gap of Wednesday remains unfilled and this indicates a bullish breakaway gap, which are normally formed at important bottom reversals.
The near-term uptrend of Nifty 50 remains intact and present consolidation could be a buy on dips opportunity for the short term. Immediate support is placed at 23,700 and the next upside targets to be watched around 24,300.
Buy JM Financial at ₹131, Target ₹141, Stoploss ₹126, Timeframe 1 week
After shifting into a consolidation phase in last week, the financial stock price has witnessed sharp breakout in the last couple of sessions. Currently, placed at the edge of breaking above the hurdle of down sloping trend line around ₹132-133 on the weekly timeframe chart. The volume has started to expand during upside breakout in the stock price and daily 14 period RSI shows positive indication.
Buy Canara Bank at ₹140, Target ₹150, Stoploss ₹135, Timeframe 1 week
The PSU banking stock has moved up sharply this week after the formation crucial bottom reversal pattern in early part of April. The stock price has bounced back above the hurdles like 200day EMA and 10/20-day EMA on the daily chart. The volume and daily RSI pattern signals more upside for the stock price ahead.
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.
Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players.
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At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors.
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Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation.
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Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content.