Stock Market Today: The GIFT Nifty on the NSE IX fell 77 points, or 0.36 percent, to 21,140, indicating that Dalal Street would have a negative start on Thursday. On the daily charts, the Nifty ended 303 points lower at 21,150, forming a bearish engulfing candle.The index broke through its previous support level of 21337 and also demonstrated a negative moving average crossover, with the 20-period moving average falling below the 50-period moving average. The dollar regained its footing on Thursday as investors sought safety following the abrupt end of a strong rally in US stocks, as well as an unexpected drop in British inflation.
Stock Market Today: Stocks in focus
V-Mart
V-Mart Retail Ltd. began trading in the consolidation range after a lengthy consolidation. Bulls managed to close above the upper band in the previous trading session, and we saw a breakout of the Double Bottom formation. The Relative Strength Index (RSI) is about to enter the overbought zone, supporting the bullish stance.
Tata Power
Tata Power’s share has a bullish reversal pattern in the short term; technically, retrenchment is possible up to Rs 335. So, if this stock maintains its support level of Rs. 310, it has the potential to rise to Rs. 335 in the short term. As a result, the trader can enter a long position with a stop loss of Rs 310 and a target price of Rs 335.
State Bank of India
SBI’s share price has shown a bullish reversal pattern on the short-term chart, holding the Rs 620 support level. In the short term, this stock may bounce towards Rs 650, so a trader can go long with a stop loss of Rs. 620 and a target price of Rs 650.
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