Vinay Rajani of HDFC Sec suggests GE Shipping, Arvind shares to buy for short-termAI Quick ReadStock market today: The key domestic indices, Nifty 50 and Sensex, experienced a decline on Monday, April 6, continuing a trend of muted sentiment following six consecutive weekly losses, as concerns regarding a possible escalation in the Middle East conflict surpassed positive signals from robust quarterly corporate results.
The Nifty 50 was flat at 22,712 . 20, and the Sensex fell by 0.07% to 73,264.89 at 12:27 IST.
Out of the 16 major sectors, eleven reported losses. The broader small-cap sector decreased by 0.3%, while mid-cap stocks remained relatively stable.
Brent crude oil prices surged to approximately $110 per barrel, whereas Asian markets displayed mixed results following Trump’s warnings to Iran.
Nifty 50 has extended its corrective phase with a volatile tone and continued the week with an existing positive divergence. Now, a triple positive divergence is visible in the RSI oscillator. Sustained positive divergence after panic selling is an early sign of a bullish reversal. Thursday’s recovery from the lows was also very strong. Immediate short-term resistance is placed at 22,950; a breakout above this level could take the index toward the next key level of 23,465 further to 23,783. On the downside, short-term support is at 22,400, followed by 22,180. A failure to hold 22,180 could drag the index down to 21,740. From an Elliott Wave perspective, elongated corrective phase i.e. “Wave c of B” appears to have ended.
Bank Nifty has been forming an Ending Diagonal pattern with positive divergence. Traders can turn positive above 52,025. A close above the 10-day EMA (52,575) could confirm a bullish reversal, and the index could head toward 54,150. Both the Midcap and Smallcap indices remain in a downtrend and showing early signs of reversal. The seasonality chart suggests that April has a greater probability of positive performance and higher returns.
The Nifty IT index turned to uptrend as it closed above 21 day EMA, IT stocks can be considered for short-term longs.
GE Shipping share price is on the verge of breaking out from fresh all time high. Stock is placed above all key moving averages. Indicators and oscillators have been showing strength in this uptrend on weekly and monthly charts.
Arvind share price recently found support on its 200 DEMA and resumed its uptrend. 50 DEMA is placed above 200 DEMA, which indicates positional uptrend for the stock. Indicators and oscillators have been showing strength in this uptrend on the daily chart.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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.