Sensex opens 150 points lower; Nifty below 24,800; Infosys down over 1%
Benchmark stock market indices opened lower on Friday, dragged down by a fall in information technology (IT) sector shares in early trade.The S&P BSE Sensex was down by 45.58 points to 81,587.44, while the NSE Nifty50 added 24.20 points to 24,857.80 as of 9:25 am.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said that stable institutional flows- both FII and DII - are keeping the market steady even in the absence of positive triggers.advertisement
"The ongoing consolidation phase is likely to continue in the near-term. Investors should understand two distinct big trends that will weigh on markets: One, India's macros are strong and improving. Two, this positive trend in macros is not getting reflected in corporate earnings. This is the fundamental reason for the range bound movement of the market," he added.Larsen & Toubro emerged as the top performer on Sensex, surging 0.88% right from the opening bell, followed by Adani Ports and Special Economic Zone which gained 0.88%. Nestle India showed some momentum with a 0.87% advance, while Sun Pharmaceutical Industries and Bajaj Finserv rounded out the top five gainers with rises of 0.56% and 0.54% respectively.Infosys saw a decline, dropping 1.78% in opening trades. Tech Mahindra was under pressure, falling 1.16%, while HCL Technologies retreated by 0.73%. IndusInd Bank slipped 0.52%, and Mahindra & Mahindra posted a decline of 0.26%.advertisementNifty Midcap100 advanced by 0.30% while Nifty Smallcap100 posted a smaller gain of 0.19%. India VIX dropped sharply by 8.86%.Nifty Realty led the gainers with a rise of 0.29%, followed by Nifty Media climbing 0.25%, Nifty PSU Bank advancing 0.16%, Nifty Pharma gaining 0.09%, Nifty Private Bank up 0.08%, Nifty Auto rising 0.03%, and Nifty Financial Services posting a marginal gain of 0.02%.However, some sectors opened in negative territory with Nifty IT facing the steepest decline of 0.29%, while Nifty Consumer Durables slipped 0.12% and Nifty FMCG dropped marginally by 0.04%."FY25 Nifty earnings growth was a pedestrian 5.5% and the projection for FY26 is around 10%. Valuation multiple of 21 for 10% earnings growth is certainly on the higher side. This will cap the upside to the Nifty until leading indicators suggest a recovery in earnings growth," said Vijayakumar."At the same time, steadily improving macros like resilient GDP growth, down trending inflation and interest rates and declining fiscal and current account deficits lay the foundation for a strong economy and earnings recovery in the medium term. Investors should remain invested and buy quality stocks on dips," he added.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)Must Watch
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Stock market today: Trade setup for Nifty 50 to global markets; Eight stocks to buy or sell on Monday — 2 June 2025
Stock Market Today: The consolidation in the market continued during the week ending 30 May 2025, as Nifty-50 index at 24,750.70 ended around 0.4% lower week on week. The Nifty Bank at 55,749.70 ended 0.6% higher while Metals Auto, industrials and Telecom were significant losers energy was among key gainers. Among the broader markets, both the midcap and smallcap indices managed to register gains of nearly 1.5% each. Trade Setup for Monday For the Nifty-50 index the level of 24,650 will act as key support zone, while 25,000 will serve as a key resistance area for the bulls. As long as the market remains between the 24,650 and 25,000 ranges, a sideways, range-bound texture is likely to continue, said Amol Athawale, VP-Technical Research, Kotak Securities. For Bank Nifty, the higher bottom support is placed at 55,000 and above this, the uptrend is likely to continue towards 56,500–57,000, added Athawale Global Markets and Q4 Results Looking ahead, all eyes will be on the outcome of the RBI's Monetary Policy Committee (MPC) meeting scheduled for June 6. Additionally, with the new month beginning, participants will track high-frequency data including auto sales numbers and other economic indicators. Updates on the progress of the monsoon and the trend in foreign institutional investor (FII) flows will also be closely monitored, said Ajit Mishra – SVP, Research, Religare Broking Ltd. Globally, developments in the U.S. bond market and any updates regarding ongoing trade negotiations will continue to influence investor sentiment., added Mishra. Stocks to buy today Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, suggested three stocks, while Shiju Koothupalakkal, Senior Manager — Technical Research, at Prabhudas Lilladher has given three stock picks Sumeet Bagadia's stock picks Welspun Corp Ltd- Bagadia recommends buying WELCORP at around ₹ 935.55 keeping Stoploss at around ₹ 900 for a target price of ₹ 975. WELCORP is currently trading at ₹935.55, maintaining a strong upward trajectory marked by the consistent formation of higher highs and higher lows—a classic indicator of sustained bullish momentum. The stock recently reached a new all-time high of ₹938.80, and a decisive breakout above this level could trigger fresh buying interest, potentially accelerating the ongoing rally. This bullish sentiment is further reinforced by the upward slope of the 20-day, 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs), with the stock price comfortably trading above all these key levels 2. Authum Investment & Infrastructure Ltd- Bagadia recommends buying Authum Investment & Infrastructure or AIIL in at around ₹2379.20 keeping Stoploss at ₹2295 for a target price of ₹2545. AIIL is currently trading at ₹2,379.20 and continues to demonstrate strong bullish momentum, evident from its steadily rising price structure and consistent pattern of upward swings. The stock recently approached its all-time high of ₹2,386, and a breakout above this key level could attract renewed buying interest, potentially unlocking further strength of the trend is further reinforced by the upward trajectory of the 20-day, 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs), indicating sustained demand and positive sentiment across multiple timeframes Ganesh Dongre's stocks to buy today 3. Hindustan Aeronautics Ltd- Dongre recommends buying Hindustan Aeronautics Ltd or HAL at around ₹4975 keeping Stoploss at around ₹4900 for a target price of ₹5100 In the latest short-term technical analysis, stock has shown a strong and consistent bullish trend, indicating the potential for an extended upward move. The stock is currently trading at ₹ 4975 and holding above a key support level at ₹ 4900. This support zone serves as a critical point for risk management. Given the bullish momentum, traders are advised to consider a buying opportunity with a stop-loss placed strategically at ₹ 4900 to manage downside risk. The target for this trade is set at ₹ 5100, suggesting a favorable risk-to-reward ratio and a continuation of the prevailing upward trend. 4. Punjab National Bank - Dongre recommends buying Punjab National Bank or PNB at around ₹105 keeping Stoploss at ₹100 for a target price of ₹112 Stock has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 105 and maintaining a strong support at ₹ 100. The technical setup indicates the potential for a price retracement towards the ₹ 112 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹ 100 offers a prudent approach to capturing the anticipated upside. 5. Dr Reddys Laboratories Ltd - Dongre recommends buying Dr Reddys Laboratories or DRREDDY at around ₹1251 keeping Stoploss at ₹1420 for a target price of ₹1470. Stock is currently trading at ₹ 1251 and appears to be in bullish zone for short term. A bullish reversal pattern has emerged on the daily chart, indicating a potential upmove. The critical support level lies at ₹ 1420, which also acts as a key stop-loss point for this trade. With bullish cues signaling a possible retracement towards the ₹ 1470 target, this setup provides a favorable entry opportunity for traders looking to capitalize on a technical rebound. Shiju Koothupalakkal's intraday stocks for today 6. Anant Raj Ltd- Koothupalakkal recommends buying Anant Raj at around ₹561 for a target of ₹590 keeping Stop loss: at ₹549 The stock has indicated a series of bullish candle formation on the daily chart after a short period of consolidation to trigger for fresh upward move and can anticipate for further rise in the coming sessions. The RSI is on the rise indicating strength and can carry on with the positive move further ahead. With the chart technically looking good, we suggest to buy the stock for an upside target of ₹590 keeping the stop loss of ₹549 level. 7. Union Bank of India - Koothupalakkal recommends buying Union Bank of India at around ₹146.79 for a target price of ₹154 keeping Stop loss at ₹143 The stock has indicated a breakout on the daily chart above the ₹140 zone with huge volume participation witnessed to strengthen the trend and can expect for further upward move in the coming days. The overall bias is maintained strong and with the RSI getting better, it has indicated much upside potential for further gains in the coming sessions. With the chart technically well positioned, we suggest buying the stock for an upside target of ₹154 level keeping the stop loss of ₹143 level. 8. Kalpataru Projects International Ltd - Koothupalakkal recommends buying Kalpataru Projects International or KPIL at around ₹1138 for a Target price of ₹1200 keeping Stop loss at ₹1110 The stock after witnessing a decent spurt has been in consolidation for quite some time with currently indicating a positive candle formation on the daily chart to show signs of improvement with significant volume participation visible. There is much scope for further rise in the coming sessions with the RSI consolidating and with strength indicated, can carry on with the positive move further ahead. With the chart technically looking attractive, we suggest buying the stock for an upside target of ₹1200 level keeping the stop loss of ₹1110 level.
Mint
an hour ago
- Mint
Stocks to buy for short term: From Swiggy to PNB— Jigar Patel of Anand Rathi suggests 3 stock picks; do you own any?
Stocks to buy for short term: Indian benchmark Nifty 50 ended lower for the second consecutive week last Friday, failing to sustain levels above the 25,000 mark. Stretched valuations, lack of fresh triggers, and a slowdown in foreign institutional investor (FII) buying weighed on market sentiment. However, while the benchmark index traded in a narrow range and closed 0.41 per cent lower for the week ended May 30, broader markets outperformed. The Nifty Midcap 100 and the Nifty Smallcap 100 indices rose over 1 per cent each. According to Jigar S. Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers, the index is trading close to the 161.8 per cent Fibonacci extension, a zone that often acts as a resistance. Patel highlighted that the golden crossover (50-day EMA above 200-day EMA) remains significantly lower—around 23,800 to 23,500—indicating room for a deeper pullback if key support levels give way. For the Nifty 50, immediate resistance is seen in the 25,100–25,300 zone, while 24,450 is the key support to monitor. "A decisive breach below this level could trigger a deeper corrective move. In this environment, we maintain a cautious bias, favouring profit-booking on rallies rather than aggressive dip buying, as the retracement may extend further," said Patel. Jigar Patel recommends buying shares of Swiggy, PNB and Castrol India for the next two to three weeks. Swiggy's price action is currently unfolding within a falling parallel channel, suggesting a phase of consolidation. However, insights from Camarilla Pivot Analysis indicate a potential momentum shift. Over the past two months—April and May— Swiggy stock has formed an inside value setup, where each month's pivot range is contained within the previous month's. April's pivot range remained within March's, and May has followed suit by staying largely inside April's range. This type of compression typically precedes a high-probability breakout within 1–2 weeks. Adding weight to this setup, the RSI is showing a bullish divergence, signalling a likely reversal or upward move in the near term. "A long position is recommended above ₹ 330, with an upside target of ₹ 375," said Patel. Swiggy stock technical chart PNB is showing signs of a potential bullish reversal. A Bullish Harami candlestick pattern has formed on the weekly timeframe, indicating a possible trend shift. Notably, a strong base formation is visible near the S3 Camarilla yearly pivot, adding technical support to the setup. Additionally, the weekly RSI has decisively broken above the key 50 level, now hovering around 57, which further strengthens the bullish case. "We recommend initiating long positions in the ₹ 104–106 zone, with a stop loss below ₹ 98. The upside target is ₹ 119 in the coming weeks," said Patel. PNB stock technical chart Castrol India stock has recently broken out of a consolidation range between ₹ 205 and ₹ 213, signalling renewed bullish momentum. Notably, this consolidation occurred between the R1 Floor Pivot and the R3 Camarilla Monthly Pivot, lending further credibility to the breakout as a technically significant move. During the entire consolidation phase, the daily RSI consistently held above the 50 mark, reflecting underlying strength, and is now positioned comfortably above 60. "We recommend initiating long positions in the ₹ 214–216 range, with a daily closing stop loss at ₹ 202. The target is set at ₹ 240 in the short to medium term," said Patel. Castrol India stock technical chart 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
an hour ago
- Mint
Vijay L Bhambwani's Ticker: Retail traders show signs of aggression
Dear reader, Last week, I wrote that Japanese economic tremors could impact domestic market sentiments even though the US downgrade by Moody's would not. That hypothesis was validated by the markets as the Nifty slipped mildly, even as the Bank Nifty gained marginally. The Reserve Bank of India (RBI) will announce its decision on interest rates on Friday, keeping banking stocks buoyant. Bankers expect a rate cut after the policy meeting. Do remember that the banking and financial sector stocks command a weightage of 37.74% in the Nifty 50. This sector is single-handedly responsible for swaying the broader markets with itself. Which is why it is known as the 'swing sector" by systems traders. Should the RBI cut coupon rates by up to 0.25%, the markets may take it in their stride. As I wrote last week, any cut of 0.50% or higher will be a negative development from the point of cash carry trade considerations. Banking stocks hold the key to the near-term future trend of the markets. Big money is likely to continue pushing interest rate-sensitive stocks higher ahead of the RBI announcement on Friday, cushioning the downside. As I wrote in last week's column, the market was preoccupied with the derivatives expiry process, and volatility remained above average. Sector-wise analysis shows public sector undertakings (PSUs) stocks remaining in the limelight this week, too. Oil and gas stocks will see hectic activity, as the Organization of the Petroleum Exporting Countries Plus (Opec+) has announced output hikes, and lower prices should enthuse inflation hawks. Industrial metal prices witnessed the routine month-end spikes and are likely to see higher levels meeting resistance from sellers. That means stock prices of metal mining stocks may also see limited upside potential. Oil and gas prices are likely to remain under pressure, too, as higher levels are encountering selling pressure. The recent narrative that was in force of a shortage of natural gas prices has been replaced by a new hypothesis that the markets are actually well supplied. This has been my view for many quarters. Welcome to the oil and gas markets—also known as 'widow makers." The level of dis-information protocols (DIP-ping) is the highest amongst all asset classes. Bullion remains a long-term bullish story, and delivery-based investors should sit tight on their holdings. Look beyond 2025, if not further. Fixed-income investors should keep the powder dry and wait for the RBI decision on Friday before making their next move. Analysis of the margin-funded trading data shows that retail segment borrowings from brokers for investing in stocks reached their highest level after the end of January 2025. This shows retail aggression is on the rise, which is a double-edged sword. The retail segment is the most emotional segment of the market and also the weakest financially. Retailers tend to surrender their positions if negative news emerges, resulting in crowded exits. Continue to trade with protective stop losses and tail risk (Hacienda) hedges in place. A tutorial video on tail risk (Hacienda) hedges is here - Rear View Mirror Let us assess what happened last week so we can gauge what to expect in the coming week. The broad-based Nifty fell, whereas the Bank Nifty gained mildly. The US dollar index gained mildly and triggered profit taking in bullion. Oil fell, and gas rose. Much of the gains in gas prices are due to the cost of carry (rollover/financing charges). The rupee weakened versus the dollar, which made bulls slightly nervous. Indian bond yields were steady ahead of the RBI meeting. The NSE gained 0.53% in market capitalisation, which shows broad-based buying and some optimism. Market-wide position limits (MWPL) fell routinely on expiry. US markets rallied and provided tailwinds to our markets. Retail Risk Appetite I use a simple yet highly accurate yardstick for measuring the conviction levels of retail traders—where are they deploying money? I measure what percentage of the turnover was contributed by the lower and higher risk instruments. If they trade more of futures, which require sizable capital, their risk appetite is higher. Within the futures space, index futures are less volatile compared to stock futures. A higher footprint in stock futures shows higher aggression levels. Ditto for stock and index options. Last week, this is what their footprint looked like (the numbers are the average of all trading days of the week) – The high-risk, high-volatility, and capital-intensive future segment saw higher turnover as traders rolled over their trades to the next derivatives cycle, resulting in dual turnover being reported. Turnover fell uniformly in the relatively lower-risk options segment. Even rollover is an indication of higher risk appetite, so the outlook remains optimistic for now. Matryoshka Analysis Let us peel layer after layer of statistical data to arrive at the core message of the first chart I share is the NSE advance-decline ratio. After the price itself, this indicator is the fastest (leading) indicator of which way the winds are blowing. This simple yet accurate indicator computes the ratio of the number of rising stocks compared to falling stocks. As long as the stocks that are gaining outnumber the losers, bulls are dominant. This metric gauges the risk appetite of one marshmallow traders. These are pure intraday traders. While the Nifty logged smaller losses last week, the intraday buying conviction eased. The advance-decline ratio fell to 1.05 (prior week 1.21), indicating 105 gaining stocks for every 100 losing stocks. That is a slender buying conviction shown by retail traders. This ratio must remain above the 1.0 level throughout this week if bulls are to have the upper hand. A tutorial video on the Marshmallow theory in trading is here - The second chart I share is the market-wide position limits. This measures the amount of exposure utilised by traders in the derivatives (F&O) space as a component of the total exposure allowed by the regulator. This metric gauges the risk appetite of two marshmallow traders. These are deep-pocketed, high-conviction traders who roll over their trades to the next fell routinely after expiry, but the 26% level is lower than the 26.13% of the previous month's post-expiry week. This can be partially explained by the addition of nine new stocks to the F&O list on Friday. As long as prices and MWPL rise in tandem, bulls still have a fair chance of remaining dominant over bears. A dedicated tutorial video on how to interpret MWPL data in more ways than one is available here - The third chart I share is my in-house indicator 'impetus.' It measures the force in any price move. Last week, the Bank Nifty rose with rising impetus readings, whereas the Nifty fell with lower impetus readings. That means the Nifty fell on poor momentum, and the Bank Nifty rose on higher momentum. This divergence is unhealthy for the market outlook. I remind my readers that I consider these two indices like the two wheels of a bicycle. Should they move in opposite directions, they can topple the bicycle (markets). The final chart I share is my in-house indicator 'LWTD.' It computes lift, weight, thrust and drag encountered by any security. These are four forces that any powered aircraft faces during flight, so applying them to traded securities helps a trader estimate prevalent sentiments. While the Nifty logged smaller losses last week, the LWTD indicator rose to 0.11 (prior week -0.28). That tells me buying support maybe improved this week. That is also supported by the fact that the expiry process is over, and fresh retail buying is usually seen. A tutorial video on interpreting the LWTD indicator is here - Nifty Verdict The weekly chart shows this index logging a bearish candle for the second week in a row. That tells us that the bulls are hesitant. The 24,800 level, which I advocated as a trend determinator, was violated even on a closing basis. To reverse the short weakness, bulls will have to push the Nifty above the 25,250 level on a sustained closing basis. In case of declines, too, the 24,800 must be protected. Only then will the outlook turn positive in the near term. The price remains above the 25-week moving average, which is a proxy for the six-month holding cost of a retail investor. That means the medium outlook is positive for now. Your Call to Action Watch the 25,250 level as a near-term resistance. Staying above this level strengthens bulls. Last week, I estimated ranges between 57,200 – 53,600 and 25,625 – 24,075 on the Bank Nifty and Nifty, respectively. Both indices traded within their specified resistance levels. This week, I estimate ranges between 57,400 – 54,100 and 25,475 – 24,025 on the Bank Nifty and Nifty, respectively. Trade light with strict stop losses. Avoid trading counters with spreads wider than 8 ticks. Have a profitable week. Vijay L. Bhambwani Vijay is the CEO of a proprietary trading firm. He tweets at @vijaybhambwani
