Stock market today: Indian benchmark indices opened in the green on Thursday, driven by optimism over increased foreign investment and a rise in information technology stocks ahead of their quarterly earnings reports.

As of 9:15 IST, the Nifty 50 gained 0.11% reaching 25,074.3, while the BSE Sensex climbed 0.15% to 81,900.

Foreign portfolio investors ended their streak of 10 consecutive days of selling earlier this week, becoming net buyers on Wednesday and Thursday.

Osho Krishan from Angel One suggests that the Nifty 50 index was able to stay above the 25,000 mark, but inevitably ended its consecutive gains with a decrease of 0.25 percent. Resistance at mid-levels is noted between 25,100 and 25,150, with a key resistance level also found at the peak of the shooting star candle, located near 25,220.

Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One

The trading session for Indian equities exhibited considerable volatility. The lower opening for the benchmark index was promptly met with buying interest; however, the market subsequently shifted, with bearish sentiment taking control and initiating a corrective phase. Throughout this period of fluctuating prices, the Nifty 50 index managed to maintain the 25,000 threshold, but ultimately snapped its winning streak with a 0.25 percent fall.

The lower closure following the ‘Shooting Star’ candle presents an opportunity to reassess bullish momentum, suggesting a potential pause in its advancement. However, the resilience observed around the 25,000 level reinforces the presence of strong support, aligning with the 50% Fibonacci retracement. Additionally, the range between 24,950 and 24,900, which corresponds to the 20 and 50 DEMA, is likely to play a crucial role in stabilizing the market and could effectively cushion any downturns in the upcoming sessions. On the flip side, intermediate resistance is identified within the 25,100-25,150 range, with an additional significant resistance point at the high of the shooting star candle, situated around 25,220. A breach of this level may facilitate the emergence of new positive momentum in the forthcoming period.

As we approach the upcoming earnings season, there is significant potential for traders to capitalize on new opportunities, which could even influence the near-term trends in domestic markets. It is essential to adopt a proactive approach by closely monitoring these developments and actively exploring opportunities that may emerge within this context.

Stocks To Buy on Thursday- Osho Krishan

On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks – Tata Consultancy Services Ltd (TCS), and Federal Bank Ltd.

Federal Bank Ltd

Federal Bank share price has exhibited a consolidation breakout in the most recent session, which is strongly supported by a notable increase in trading volume. This recent movement suggests that the stock is likely to sustain its upward momentum, as indicated by various oscillators. Furthermore, the SuperTrend indicator corroborates a supportive development for the stock’s performance.

Hence, we recommend to BUY Federal Bank share price around 200, keeping a stop loss of 194 for a potential upside Target of 210-212.

Tata Consultancy Services Ltd (TCS)

TCS share price has commenced a period of resurgence following an extended phase of correction, accompanied by bullish divergence on the 14-day RSI. This recent upward movement is corroborated by increased trading volumes and favorable technical indicators. Specifically, the MACD has signaled a positive crossover as the stock has surpassed the 20-DEMA. Additionally, from a risk-reward perspective, the stock is currently situated in an attractive zone for prospective investors.

Hence, we recommend to BUY TCS around 3,020-3,000, keeping a stop loss of 2,900 for a potential upside Target of 3,150-3,180.

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.