Stock Market Today: GIFT Nifty on the NSE IX increased by 54.5 points to 19,082.50 on Monday, indicating that Dalal Street was off to a strong start. Nifty finished Friday 190 points higher, regaining much of the loss from Thursday, and formed a lengthy bull candle on the daily chart. Today is the day that many firms, including Adani Green, DLF, TVS Motor, Marico, and many more, will release their second quarter earnings.
Wall Street end at a mixed note
The support from rising domestic equities was offset by rising crude oil prices, causing the rupee to halt its three-day downward trend and settle flat at 83.25 against the US dollar on Friday. After a busy week of conflicting earnings reports and economic data that appeared to support the “higher for longer” interest rate scenario, investors lost steam and US stocks ended Friday mostly lower.
Stock Market Today: Stocks in focus
IndusInd Bank
The share of IndusInd Bank has recovered from the solid support level of Rs 1395. At Rs. 1441.30, the stock’s current price is above its Day Exponential Moving Averages (EMA) of 20, 50, and 200. The ongoing volumes and upward movement of the stock show that the stock has shown strength. The RSI indicator is also trading at 52 levels with ease, which will help the stock move higher. The recent peak of the stock, at approximately Rs 1470, also serves as a modest resistance level.
Bata India
The stock is holding the Rs. 1530 support level since it has displayed a positive reversal pattern on the short-term chart. In the near run, this stock may rise towards the Rs. 1585 mark. For the target price of Rs. 1585, the trader can therefore go long with a stop loss of Rs. 1530.
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