Stocks to buy: Nagaraj Shetti recommends NLC India, RVNL shares to buyAI Quick ReadStock market today: The domestic benchmark indices was trading lower on Thursday, April 23, as brent crude oil prices exceeded $100 per barrel due to Iran's capture of two ships in the Strait of Hormuz, with no signs of peace talks resuming.
The Nifty 50 index decreased by 0.84%, resting at 24,169 .3, while the BSE Sensex fell by 1.10% to 77,651.48 by 12:30 IST.
During Thursday's trading session, all eyes will be on Infosys, a major player in the Nifty 50, which is expected to announce its earnings report for the March quarter later in the day.
Investors will also keep a close watch on the earnings reports of mid- and small-cap firms, including Union Bank of India, Adani Energy Solutions, Tata Capital LTM, Aditya Birla Sun Life AMC, and Himadri.
Nifty 50 continued with decline for the second consecutive sessions on Thursday and is currently trading lower by 170 points. After opening on a weak note, the market attempted to recover from the lows soon after the opening. It failed to sustain the recovery and slipped again and is currently placed near the lows. The near-term uptrend status of Nifty 50 remains intact and the bullish chart pattern like higher tops and bottoms is visible as per daily timeframe chart.
Hence, present weakness could be in line with the formation of new higher bottom of the pattern. But, the higher bottom reversal pattern needs to be confirmed. Immediate support is placed at 24,100-24,000 levels and the intraday resistance is at 24,400.
After witnessing a sharp upmove in the last week, the stock price has shifted into a consolidation phase with weak bias so far this week. The bullish chart pattern like higher tops and bottoms is intact and present consolidation could possibly form a new higher bottom of the pattern in the near term. The daily and weekly RSI shows positive indication.
The railway stocks have been moving up sharply in recent time and the stock price-RVNL too moved up in line with the sector. Bullish higher highs and lows pattern is intact and the stock price is expected to move up further after the consolidation.
Presently, the stock price is in an attempt of surpassing the hurdle of weekly 20 period EMA. Daily 14 period RSI shows positive indication.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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