Latest news with #ShrikantChouhan
India Gazette
9 hours ago
- Business
- India Gazette
Profit booking, Trump tariffs deadline weigh Indian stocks; Sensex down 288 points
New Delhi [India], July 2 (ANI): India stock benchmarks continued to remain in the red after the latest rally, in what analysts attribute it as profit booking by investors. Besides, analysts opine uncertainties around extension in Trump reciprocal tariffs beyond July 9, and a India-US bilateral trade agreement weighed on the Indian stock indices this week. Today, the benchmark indices witnessed profit booking at higher levels, said Shrikant Chouhan, Head Equity Research, Kotak Securities The Nifty ended 88 points lower, while the Sensex closed 288 points lower. Among sectors, Metal index outperformed, rallied 1.41 percent, whereas the Realty index lost the most, shedding 1.44 percent. 'Technically, after a muted open, the market has been consistently facing selling pressure at higher levels,' Chouhan added. According to Vikram Kasat, Head - Advisory, PL Capital, 'Indian benchmark indices closed sharply lower on Wednesday, July 2, as concerns over US trade policy and weak global cues weighed on are in a cautious mood, buffeted by U.S. tariff uncertainty and Fed policy readability. Domestic strength remains limited to select themes--metals, durables, and fresh IPO gains.' Vinod Nair, Head of Research, Geojit Investments Limited, said, 'Mixed global cues, particularly ahead of the impending tariff deadline, are driving investor caution. Market attention is gradually shifting to crucial Q1 earnings, which have high expectations. Underlying trends such as robust macroeconomic fundamentals and increased government expenditure continue to support market resilience. However, being at the breach level of the recent rally, a cautiousness is expected to continue in the near term.' Last week, Indian stock indices stayed in the green for the fourth straight session, lending support from positive global cues, relative peace on the Israel-Iran conflict front, and hopes of a possible extension of the July 9 tariff deadline by the US administration. India's strong domestic fundamentals, a responsive RBI, and good monsoon conditions have been supporting the financial markets. US markets are hitting all-time highs, and the US dollar is weakening; as a result, emerging markets like India are benefiting. A comfortable inflation number in India also somewhat supported the domestic equity indices recently. In 2024, Sensex and Nifty accumulated a growth of about 9-10 per cent each. In 2023, Sensex and Nifty gained 16-17 per cent, on a cumulative basis. In 2022, they gained a mere 3 per cent each. (ANI)
Mint
2 days ago
- Business
- Mint
Stocks to buy for the short term: LIC, BoB, Ambuja Cements among six stocks experts suggest buying now; do you own any?
Stocks to buy for the short term: The Indian stock market benchmark Nifty 50 is inching closer to the 26,000 mark, supported by domestic investors, even as foreign institutional investors intermittently book profits. At the current juncture, the market awaits clarity on the India-US trade deal. Moreover, the upcoming Q1FY26 results will hold the key to Nifty 50 hitting fresh highs in the coming weeks. Technically, in the previous session, the Nifty made a bearish candle on the daily chart, indicating temporary weakness. Shrikant Chouhan, the head of equity research at Kotak Securities, believes 25,450 would be a crucial level, below which there could be a further correction towards 25,375-25,300. On the other hand, a sustained move above 25,450 may take the index to 25,600. The uptrend may continue further, potentially taking the market towards 25,670, said Chouhan. Experts suggest investors should focus on stocks with strong fundamentals and favourable technical indicators at this juncture. Vishnu Kant Upadhyay of Master Capital Services and Hardik Matalia of Choice Broking suggested six stocks to buy for the next two to three weeks. Do you own any? Expert: Vishnu Kant Upadhyay, AVP - Research & Advisory, Master Capital Services LIC has registered a decisive breakout from an inverse head and shoulders pattern, signalling a strong bullish reversal. The breakout is validated by a significant spike in volume, indicating fresh accumulation by market participants. The stock continues to form higher highs and higher lows, reinforcing the prevailing uptrend. It is trading well above its 21- and 55-day exponential moving averages, underscoring strong momentum. An RSI reading of 69 coupled with a bullish MACD setup highlights sustained strength without overbought conditions, suggesting continued outperformance in the near term. BoB has reversed smartly after taking support from the ascending trendline, indicating sustained bullish momentum. The stock continues to trade above its 21-day and 55-day EMAs, reflecting strong short-to-medium-term trend strength. A recent positive MACD crossover supports the bullish bias, signalling a potential upward continuation. Additionally, the RSI is holding in a strong zone, suggesting healthy momentum without overbought conditions. These technical parameters collectively indicate a favourable setup for further upside, supporting a buy-on-dips strategy from a technical analyst's perspective. ICICI Lombard General Insurance (ICICIGI) has registered a decisive breakout from an inverse head and shoulders pattern, indicating a robust bullish reversal. The breakout is validated by a surge in trading volumes, signalling fresh accumulation. The stock is comfortably positioned above all key short- and long-term exponential moving averages, reinforcing strong upward momentum. An RSI reading of 68 reflects bullish strength without entering overbought territory. The consistent formation of higher highs and higher lows further confirms a well-established uptrend, suggesting the potential for continued outperformance in the near term. Laurus Labs continues to follow a strong uptrend, consistently forming higher highs and higher lows. The stock had been trading within a well-defined upward channel and has recently given a strong breakout above this structure, signalling a potential acceleration in bullish momentum. The RSI is currently at 75.66 and trending sharply upwards, reflecting strong momentum. However, traders should also stay mindful of slightly overbought conditions. Technically, the stock is trading comfortably above all its key moving averages, which supports the continuation of the bullish trend. 'If it manages to sustain above the ₹ 730 level, it could confirm the breakout and pave the way for a further upward move,' said Matalia. "Traders can consider initiating fresh long positions at the current price of ₹ 724.85, with a stop-loss placed at ₹ 685. On the upside, the stock has the potential to move toward the target range of ₹ 805– ₹ 820 in the near term, offering a favourable risk-reward opportunity," said Matalia. After witnessing a sharp decline, Ambuja Cements has entered a phase of consolidation, signalling stability and potential accumulation at lower levels. During this phase, the stock has been forming an Ascending Triangle pattern, which is typically a bullish continuation setup. "It is now on the verge of a breakout, and a sustainable move above the ₹ 580 level would confirm this formation and could trigger a fresh upward rally," said Matalia. The RSI stands at 65.49 and is trending upwards, reflecting strengthening momentum and increasing buying interest. Technically, the stock is trading comfortably above all its key moving averages, further reinforcing the underlying bullish sentiment. "Traders can consider initiating long positions at the current market price of ₹ 577.45, with a stop-loss placed at ₹ 550 to manage risk effectively. On the upside, a breakout could lead the stock toward the ₹ 635– ₹ 650 range in the near term, offering a favourable risk-reward setup," said Matalia JSL has recently broken out of a falling trend line, signalling a shift in momentum from corrective to bullish. Post breakout, the stock successfully retested the breakout levels and has now shown a strong reversal, confirming the validity of the breakout zone as a new support base. This price action reflects renewed buying interest and strength at lower levels. The RSI is currently at 59.53 and has given a positive crossover, indicating rising momentum and further upside potential. Technically, JSL is trading comfortably above all its key moving averages, reinforcing the strength of the ongoing trend and supporting a bullish outlook. "If the stock manages to sustain above the ₹ 730 level, it could pave the way for a fresh move toward the ₹ 780– ₹ 800 target range in the near term. Traders can consider initiating fresh long positions at current levels, with a stop-loss placed at ₹ 670 to maintain a favourable risk-reward ratio," said Matalia. Read all market-related news here Read more stories by Nishant Kumar 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, as market conditions can change rapidly, and circumstances may vary.
Mint
2 days ago
- Business
- Mint
Nifty 50, Sensex today: What to expect from Indian stock market in trade on July 1 after Wall Street rally
The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open flat on Tuesday, tracking mixed global market cues. The trends on Gift Nifty also indicate a flattish start for the Indian benchmark index. The Gift Nifty was trading around 25,630 level, a premium of nearly 15 points from the Nifty futures' previous close. On Monday, the domestic equity market benchmark indices ended its four-day gaining streak to close lower amid profit booking. The Sensex dropped 452.44 points, or 0.54%, to close at 83,606.46, while the Nifty 50 settled 120.75 points, 0.47%, lower at 25,517.05. Here's what to expect from Sensex, Nifty 50, and Bank Nifty today: Sensex formed a bearish candle on daily charts, indicating temporary weakness. 'The short-term market outlook remains positive. We believe that 83,500 will act as a key level to watch. Below 83,500, we could see a further correction towards 83,200 - 83,000. On the flip side, a sustained move above 83,500 could push Sensex up to 83,900. Further upside may also continue, potentially lifting the index to 84,200,' said Shrikant Chouhan, Head Equity Research, Kotak Securities. Nifty 50 declined 120.75 points, and formed a bearish engulfing pattern on the daily chart. 'The broader setup remains encouraging as Nifty 50 comfortably holds above the 9-day and 20-day EMAs, both of which continue to slope upward, highlighting the strength of the prevailing trend. The index witnessed a mild pullback from the upper resistance zone near 25,660 – 25,685, aligning with the 161.8% Fibonacci retracement. The daily RSI for Nifty 50 has eased slightly to 63, remaining in a healthy zone, which suggests that momentum remains intact without any signs of exhaustion,' said Om Mehra, Technical Research Analyst, SAMCO Securities. According to him, the support is now seen at 25,350 – 25,300, a zone that previously acted as a breakout area and now stands as a re-entry level for fresh accumulation. Unless this level is breached decisively, he believes any short-term pullback may provide a buying opportunity. 'With the higher-high formations remaining intact and no major breakdown signs, the outlook remains positive as we enter the July series. A sustained move above 25,700 could reignite bullish momentum, with the next upside levels up to 25,900 - 25,970,' Mehra said. Dr. Praveen Dwarakanath, Vice President of noted that the Nifty 50 has closed below the upper Bollinger band indicating a pause in the rally at the current levels. 'The pause can likely be the profit booking after a breakout from the 25,200 levels. The index closing above day's low is a clear sign of a further rally. The ADX DI+ line is sloping downside and the ADX DI- line sloping upside, indicating signs of weakness in the index, in yesterday's fall. The momentum indicators are in the over-bought region which can also be the reason for the fall,' said Dwarakanath. According to VLA Ambala, Co-Founder of Stock Market Today, the Nifty 50 index formed a bearish engulfing pattern on the daily chart, while its RSI at 62. 'This movement suggests moderate buying opportunities on dips. However, it is best to avoid selling on rises until we reach a fresh high, as the major trend remains bullish, and Nifty 50 is just 3% away from its all-time high. I recommend adopting neutral trading strategies in index derivatives for a couple of days. We can expect Nifty 50 to find support between 25,300 and 25,200, and meet resistance near 25,650 and 25,870 in today's trading session,' Ambala said. Bank Nifty index ended 131.15 points, or 0.23%, lower at 57,312.75, forming a narrow-bodied bearish candle on the daily chart, reflecting mild profit booking at elevated levels. 'Despite the minor pullback, the Bank Nifty index maintained a higher high–higher low formation, suggesting a phase of time-wise consolidation amidst stock-specific traction. The index is currently perched above its immediate support zone of 57,000 – 56,800. Sustaining above this demand zone will keep the short-term bias constructive, paving the way for a potential move towards 58,500 — a level derived from the measured move projection of the recent consolidation band between 56,000 and 53,500,' said Bajaj Broking Market. Conversely, a breach below 56,800 may trigger a corrective consolidation of the recent upswing, with the index likely oscillating within a broader consolidation zone of 56,000 – 57,600, said the brokerage firm. 'Structural support is recalibrated to the 56,000 – 55,800 region, representing a confluence of key technical indicators — including the 50-day EMA and the 61.8% Fibonacci retracement of the recent rally (55,149 - 57,614),' Bajaj Broking Market added. Om Mehra highlighted that the Bank Nifty index is holding firmly above all the short and medium-term moving averages, and its rise is offering support to the ongoing uptrend. The slope of the Bollinger Band has turned upward, suggesting expansion in price range and rising volatility. 'The daily RSI stands at 66, hovering below the key 70 mark, reflecting a strong, yet not overheated momentum. Meanwhile, the MACD has entered positive territory, supported by an advancing histogram. The index may see a shallow retracement toward the 57,000 - 56,800 zone, which is expected to act as immediate support. Any dip toward this zone is likely to attract fresh buying interest as long as the structure remains above 56,300 on a closing basis,' Mehra said. With the broader participation from PSU banks and a strong setup in momentum indicators, the bullish tone stays intact in Nifty Bank index. A decisive close above 57,620 could pave the way for a fresh leg towards higher levels at 58,200 and beyond, he added. 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.
Economic Times
2 days ago
- Business
- Economic Times
D-Street snaps 4-day rally on profit booking
Shrikant Chouhan, head of equity research at Kotak Securities, believes that 25,470/83,500 will act as a key level to watch. Below 25,470/83,500, the markets could see a further correction toward 25,375-25,300/83,200-83,000. Indian equity markets retreated from near record highs on Monday, ending a four-day winning streak. Profit-booking and sector-specific weakness overshadowed positive global cues and foreign fund inflows. The Sensex fell 0.54% and the Nifty 0.47%, although broader markets outperformed. Investors are now eyeing trade negotiations with the US for near-term direction. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: India's broadest equity gauges Monday snapped a four-day winning streak to retreat from within 3% of life-time peaks, as investors looked beyond positive global cues and renewed foreign fund inflows to book profits in the absence of an express local BSE Sensex fell 452.4 points, or 0.54%, to close at 83,606, while the NSE Nifty-50 shed 120.7 points, or 0.47%, to end at 25,517. The two indices had risen 2.7% over the past four sessions and posted gains of 3.1% and 2.7%, respectively, in June, marking their fourth straight month of and weakness in select sectors weighed on sentiment, even though markets had rallied sharply last week on the back of robust global signals and domestic institutional buying."Last week, markets surged sharply driven by robust global signals and buying from domestic institutions, but profit-booking emerged, dragging down the benchmark indices," said Prashanth Tapse, senior VP (research), Mehta broader market outperformed, with the Nifty Midcap 150 rising 0.6% and the Nifty Smallcap 250 gaining 0.8%. On BSE, out of 4,290 stocks traded, 2,362 advanced while 1,750 VIX, which gauges volatility, climbed 3.20% to other Asian markets, Japan's Nikkei gained 0.8%, while Hong Kong's Hang Seng lost 0.8%.Among sectors, auto and financial stocks dragged the benchmarks lower. The Nifty Auto index slipped 0.5%, while Nifty Financial Services fell 0.3%. Meanwhile, Nifty PSU banks, consumer durables and pharma were the top the stocks, top gainers on the Nifty included Trent, BEL, SBI, IndusInd Bank and Jio Financial Services. Tata Consumer Products and Kotak Mahindra Bank were among the major noted that trade negotiations with the US will remain a key focus in the near term. "The focus will be on tariff settlement with the US government, as the deadline is approaching and India has yet to conclude the agreement, which could create uncertainty among the investors."Shrikant Chouhan, head of equity research at Kotak Securities, believes that 25,470/83,500 will act as a key level to watch. Below 25,470/83,500, the markets could see a further correction toward 25,375-25,300/83,200-83,000."On the flip side, a sustained move above 25,470/83,500 could push the market up to 25,600/83,900. Further upside may also continue, potentially lifting the market to 25,700/84,200."Foreign portfolio investors (FPIs) net sold shares worth ₹831.5 crore on Monday, BSE data showed. However, for the whole month of June, their total investment came to ₹7,489 crore. Domestic institutional investors (DIIs) bought shares worth ₹3,497 crore on Monday, taking their total investment for June to ₹72,676 crore.
Mint
7 days ago
- Business
- Mint
Indian markets closed with strong gains for third day, bullish sentiments back says experts
Mumbai (Maharashtra) [India], June 26 (ANI): The Indian stock markets on Thursday ended with sharp gains, witnessing Nifty 50 at National Stock Exchange (NSE) reclaiming its highest closing level in nearly nine months. AT the end of the trading session, Nifty was up 304.25 points or 1.21 per cent at 25,549 while the BSE Sensex climbed 1,000.36 points or 1.21 per cent, reaching at 83,755.87. The Indian market rallied for the third straight session due to the easing tensions in the Middle East. "The index not only crossed the psychological mark of 25500 but also sustained above it, registering its highest daily close since October 2024. This move indicates a potential shift in momentum and growing bullish sentiment in the market," said Sudeep Shah, Head - Technical Research and Derivatives at SBI Securities. Among the index constituents, Shriram Finance, Jio Financial Services, and Bajaj Finance emerged as the top gainers, while Dr Reddy's and Tech Mahindra were the major losers. On the sectoral front, Nifty Metal, Nifty Oil & Gas, and Nifty Financial Services outperformed, whereas Nifty Media and Nifty Realty closed in the red. Despite the strong performance in the frontline indices, broader markets underperformed. Both Nifty Midcap 100 and Nifty Smallcap 100 showed subdued movement, reflecting selective participation. Furthermore, the Advance/Decline ratio remained flat, suggesting the rally lacked broad-based support across the wider market. The market experts say that the benchmark index Nifty finally gave a breakout from its 31-day consolidation range on the June monthly expiry day. On the daily chart, it formed a sizeable bullish candle, reinforcing the strength of the breakout, the experts said, adding that the daily Relative Strength Index (RSI) has broken out of a Symmetrical Triangle pattern, indicating a surge in bullish momentum. Observing the markets, Shrikant Chouhan, Head Equity Research, Kotak Securities, said, "We believe that the intraday market texture is bullish, but due to temporary overbought conditions, we could see range-bound activity in the near future. For day traders, buying on intraday corrections and selling on rallies would be the ideal strategy." "The benchmark index reflected strong investor confidence, underpinned by the apparent stability of the Middle East ceasefire, which has eased concerns over potential supply chain disruptions," said Vinod Nair, Head of Research, Geojit Investments Limited. According to the analysts, the Foreign Institutional Investors (FIIs) continued to pare holdings due to the narrowing yield spread between US and Indian 10-year bonds; Domestic Institutional Investors (DIIs) emerged as net buyers, buoyed by improving liquidity conditions and a rebound in domestic consumption. (ANI)
