Quick Wrap: Nifty Metal Index declines 1.39%
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
26 minutes ago
- Economic Times
Global markets face shaky week ahead as US pressure mounts on Ukraine
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
Mint
an hour ago
- Mint
Best stock recommendations today: MarketSmith India's top picks for 18 August
Stock market recap: India's benchmark equity indices, the Sensex and Nifty 50, edged higher on Thursday, 14 August, tracking positive global cues. Gains, however, were capped as investors stayed cautious ahead of the upcoming Russia–US talks on the Ukraine conflict, keeping sentiment muted in the holiday-shortened week. On 14 August, the Sensex closed at 80,597.66, up 57.75 points or 0.07%, while the Nifty 50 settled at 24,631.30, up 11.95 points or 0.05%, holding above the 24,600 mark. Amid this, here are two stock recommendations by MarketSmith India for 18 August: Nifty 50 recap | 14 August The Indian equity market snapped a six-week losing streak on 14 August, with the Sensex rising 0.07% and the Nifty 50 settling at 24,631. Market breadth was mixed, reflected in the Nifty's advance-decline ratio of 24:26. For the week, all sectoral indices ended in the green except Nifty FMCG. Nifty Pharma outperformed with a 3% gain, followed by Nifty Auto and Nifty PSU Bank, each up 2%. On Thursday, Nifty IT led sectoral advances after Infosys announced plans to acquire a majority stake in an Australian IT firm, while Nifty Metal and Nifty FMCG closed lower. Broader markets underperformed, with the Nifty Midcap and Smallcap indices ending in the red. Investor sentiment stayed cautious amid geopolitical tensions ahead of U.S.–Russia talks on the Ukraine conflict and persistent global trade concerns. Hopes of a potential U.S. Fed rate cut also influenced positioning. Technically, the Nifty held above its 100-DMA and the key 24,600 level, suggesting short-term stability. The RSI has rebounded from oversold territory to 44–45 but remains capped by a downward-sloping trendline, limiting upside momentum. The MACD stays in bearish mode—below both its signal line and the zero axis, indicating an underlying negative bias. O'Neil's market direction methodology downgraded the status to 'Uptrend Under Pressure" after the Nifty breached its 50-DMA and the distribution day count rose to six. The index closed the week flat ahead of key weekend events. From here, a sustained move above 24,600 would be constructive, potentially opening the path toward the 24,800–24,850 resistance zone. On the downside, 24,330 remains crucial support; a decisive breach could reintroduce selling pressure, with further supports at 24,200 and 24,000. Price action around these levels will shape the index's next move. Nifty Bank performance | 14 August Nifty Bank opened weak on Thursday but quickly attracted buying interest from lower levels, staging an intraday recovery that formed a bullish candle on the daily chart with a higher-high and higher-low structure. Crucially, the index closed above its 100-DMA, reinforcing near-term technical strength. On the weekly chart, it posted a bullish candle after two straight weeks of declines—a reversal pattern that suggests sentiment may be turning in favour of the bulls. The ability to defend key support levels further bolsters this constructive setup. Momentum-wise, the RSI edged up to 42, while the MACD continued to show a negative crossover, signalling that broader market momentum remains weak. This combination points to a short-term bearish bias, warranting a cautious trading stance. As per O'Neil's methodology, Bank Nifty remains in an 'Uptrend Under Pressure," underscoring a fragile market environment where selective participation and disciplined risk management are key. The index ended in positive territory, holding above its 100-DMA for a fourth consecutive session. Sustained buying from these levels could pave the way for a move toward the immediate resistance at 56,400. A decisive breakout above this level may unleash stronger bullish momentum. On the downside, 55,100 remains the critical support—any breach here could trigger sharper declines and heightened volatility. MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. Trade name: William O'Neil India Pvt. Ltd. (Sebi Registered Research Analyst Registration No.: INH000015543). Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors. 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 making any investment decisions.
Mint
an hour ago
- Mint
Best stocks to buy today: Ankush Bajaj's top three recommendations for 18 August
On 14 August the Indian equity markets clung to gains in a largely range-bound session, with sentiment supported by favourable domestic and global cues. The Nifty 50 edged up 11.95 points or 0.05% to close at 24,631.30, while the Sensex advanced 57.75 points or 0.07% to settle at 80,597.66. Nifty Bank rose 160.40 points or 0.29% to end at 55,341.85, although buying in financials was more measured than in other sectors. Top 3 stock picks by Ankush Bajaj for 8 August Why it's recommended:The stock has strong momentum with an RSI of 60, MACD at 47, and ADX at 17, indicating an emerging trend. It is trading above all its major moving averages, confirming underlying strength. On the daily chart, the stock has made a new lifetime high, supported by a steady build-up in volume. Air travel demand remains robust, and the company continues to benefit from strong passenger load factors and expanding capacity, which adds a supportive fundamental backdrop to the bullish technical setup. Pattern: Breakout to new lifetime high MACD: Positive at 47, giving buy signal RSI: At 60, in bullish territory ADX: At 17, indicating trend initiation Moving Averages: Trading above all major MAs Technical analysis:Sustained price action above ₹6,000 with volume could lead to further upside towards ₹6,200. Risk factors:A close below ₹5,900 would weaken the bullish structure Buy at: ₹6,002.50 Target price: ₹6,200 Stop loss: ₹5,900 Why it's recommended:Muthoot Finance has strong momentum with a daily RSI of 63, MACD at 3, and ADX at 21.55, indicating a confirmed trend. All major EMAs signal a buy, and recent price action suggests a continuation of the uptrend. Positive sentiment in the NBFC and gold loan segment, coupled with steady earnings growth, adds a supportive backdrop to the technical setup. Pattern: Strong uptrend continuation MACD: Positive at 3 RSI: At 63, showing strong momentum ADX: At 21.55, giving buy signal EMAs: All major EMAs aligned bullish Technical analysis:Momentum and trend strength indicate potential move towards ₹2,930 if the uptrend holds. Risk factors:A close below ₹2,671 would negate the bullish bias. Buy at: ₹2,757.40 Target price: ₹2,930 Stop loss: ₹2,671 Why it's recommended:UNO MINDA is showing bullish momentum with RSI at 63, MACD at 9, and ADX at 15. On the 15-minute chart, the stock has broken out of a triangle pattern, which could act as a continuation signal. The auto ancillary sector has been witnessing robust demand, and the company's product diversification supports a sustained bullish outlook. Pattern: Triangle breakout on lower timeframe MACD: Positive at 9 RSI: At 63, in bullish zone ADX: At 15, indicating early trend stage Technical analysis: Triangle breakout supported by momentum indicators could drive the stock higher in the short term. Risk factors:A close below ₹1,125 would weaken the bullish view. Buy at: ₹1,149.80 Stop loss: ₹1,125 How the market performed on Thursday Sectoral action was mixed on Thursday. Metal slipped 1.39%, oil & gas eased 0.91%, and energy dipped 0.78%, weighing on the broader gains. On the bright side, the financial services index rose 0.36%, the services sector gained 0.33%, and the banking index climbed 0.29%, driven by rotational buying and bargain-hunting in quality counters. Wipro led the gainers with a 2.14% surge, while Eternal rallied 1.94% and HDFC Life Insurance advanced 1.56%, benefiting from sectoral tailwinds. Weakness was seen in select heavyweights — Tata Steel dropped 3.05%, Adani Port slipped 1.46%, and Tech Mahindra declined 1.30%, though their impact on overall sentiment was limited. Global mood improved after softer-than-expected U.S. inflation data raised expectations for a September Federal Reserve rate cut. Domestically, optimism was further fueled by retail inflation easing to an eight-year low of 1.55%, bolstering risk appetite. These dual macro positives provided a solid cushion for the market, helping the Nifty maintain its footing above 24,600 despite sectoral divergences. Nifty technical analysis: daily & hourly The Nifty 50 closed at 24,616.05, down 14.25 points or 0.06%, reflecting a muted session after recent attempts to stabilize. On the daily chart, the broader trend remains capped by a bearish moving average crossover, with the 20-DMA at 24,757 still below the 40-DEMA at 24,830. This setup keeps the medium-term bias cautious until the index decisively reclaims this band on strong volumes. Momentum readings show some early signs of recovery, with the daily RSI at 44, up from oversold levels, though still below the neutral 50 mark. The daily MACD remains negative at –144, indicating that bearish momentum is present, albeit at a moderating pace. On the hourly timeframe, the tone is relatively better. The index is trading just above the 20-HMA at 24,596, but still under the 40-HEMA at 24,858, keeping overhead resistance intact. The hourly RSI stands at 53, showing modest bullishness, while the MACD is in positive territory at +27, supporting the case for a short-term bounce. Price action suggests that the market is attempting to base out near the 24,560–24,600 zone, making this band crucial for sustaining upward attempts. The derivatives picture, however, tilts bearish. Total Call OI stands at 5.89 crore versus Put OI of 5.18 crore, giving a negative PE–CE OI difference of 71.38 lakh. The day saw Call OI rise by 2.62 crore and Put OI increase by 1.77 crore, leading to a negative OI change difference of 84.76 lakh, which reinforces a short-term bearish stance. The heaviest Call OI is concentrated at 25,500, where fresh additions have also been seen, marking it as a major resistance level. On the Put side, maximum OI is far at 22,600, while the largest addition is at 23,500, indicating only moderate near-term support. Globally, cues are mixed. US markets have cooled after recent highs, while Brent crude holds steady around $65–66 per barrel, and the rupee remains stable near 87.6 against the dollar, providing a relatively benign macro backdrop. Overall, as long as Nifty holds above 24,560-24,600, short-term pullbacks could extend towards 24,750–24,830. A sustained close above 24,830-24,880 would be the first sign of a potential medium-term reversal, paving the way to 25,100-25,200. On the downside, a close below 24,540 would negate the short-term bullish bias and shift focus back to 24,450-24,400. With call writers still dominant, especially at 25,500, rallies are likely to face supply pressure unless accompanied by strong breakout momentum. Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441. Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. 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 making any investment decisions.
