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Business Standard
a day ago
- Business
- Business Standard
NSE Nifty sinks below 24,500; is the market bullish set-up under threat?
Equity benchmark indices in India were seen trading with losses of over 1 per cent for the second straight trading session on Friday on the back escalating global conflicts, mainly Israel-Iran and uncertainty over the US tariff policies. The Bombay Stock Exchange (BSE) benchmark index was down 1,264 points or 1.6 per cent at 80,428 levels in early deals today; while its counterpart the National Stock Exchange (NSE) Nifty 50 index shed 415 points or 1.7 per cent at 24,473. In the process, the BSE Sensex had tumbled 2,087 points or 2.5 per cent in the last two straight trading sessions; whereas, the Nifty shaved-off 738 points or 2.9 per cent in the same period. Technically, the NSE Nifty 50 index had witnessed two positive developments on the charts in recent days. Firstly, the Nifty had given a breakout on the weekly scale in early May - following which the index surged over 1,183 points or 4.9 per cent to a high of 25,222 this week. Secondly, the Nifty witnessed a 'Golden Crossover' on the daily chart on June 5, 2025. The index post then was up 471 points or 1.9 per cent at the recent high on June 11. Follow Stock Market Latest Updates Today LIVE Does the present 3 per cent market correction derail the Nifty bullish set-up? Here's what the chart says. Nifty Current Level: 24,500 Support: 24,512; 24,380 Resistance: 25,050; 25,200 At present, the Nifty 50 index has slipped below its 20-Day Moving Average (20-DMA), which stands at 24,850 levels. The index is now seen testing support around its super trend line support on the daily chart at 24,512. Technically, the near-term bias for the NSE benchmark index is likely to remain positive as long as the index holds above this trend line support on a closing basis. CLICK HERE FOR THE CHART The Nifty chart shows that the present uptrend started with a gap-up on May 12, 2025; the low of that day stands at 24,380 levels, and is likely to act as a significant support for now. As long as the Nifty manages to sustain above these levels, there could be a hope for the positive bias to prevail. ALSO READ | Stocks of Mukesh Ambani-owned companies dip up to 58% from 2024 high In case, both the support levels are violated the Nifty may extend the fall towards the 200-DMA, which stands at 24,080 levels. Meanwhile, on the upside, the Nifty 50 index was seen facing consistent resistance around the higher-end of the Bollinger Bands around 25,200 levels. Going ahead, further gains for the Nifty can be anticipated only in case of break and sustained trade above 25,200 levels, with interim resistance likely around 25,050 levels.
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Business Standard
15-05-2025
- Business
- Business Standard
Coforge, Vesuvius stocks to turn ex-split in June; how to trade? Read here
Shares of Coforge and Vesuvius India are likely to be in focus in the fortnight ahead as they approach the respective record date for turning ex-stock split. Coforge, on March 4, announced stock split in the ratio 1:5; wherein each share of the MidCap IT company with a face value of ₹10 will be sub-divided into 5 equity shares with a face value of ₹2 each. The company has set June 4 as the record date to ascertain eligible shareholders for the proposed corporate action. Meanwhile, Vesuvius India notified a 1:10 stock split on February 26; wherein each share with a face value of ₹10 will be sub-divided into 10 equity shares with a face value of ₹1 each. The record date has been fixed as June 10. Post the respective stock-split announcements, Coforge has gained 10.3 per cent thus far, while Vesuvius India has rallied 29 per cent to a high of ₹5,215 hit today. Against this background, with less than a month to go for the stock split, here's a trading guide based on the technical analysis of these 2 stocks. Coforge Current Price: ₹8,501 Upside Potential: 14.7% Downside Risk: 10.6% Support: ₹8,230; ₹7,870 Resistance: ₹8,533, ₹8,625, ₹8,730, ₹9,120; ₹9,435 The price-to-moving averages action is indicating a mixed bias for Coforge, as select short-term moving averages (20-Day Moving Average and the 50-DMA) are below the medium-term moving average (100-DMA). However, key momentum oscillators both on the daily and weekly chart are clearly in favour of the bulls. At present levels, the stock is seen trading within striking distance of the weekly super trend line resistance at ₹8,533. The stock needs to break and trade consistently above the same for further gains to emerge. On the upside, the stock can potentially rally to ₹9,750 levels, with interim resistance likely around ₹8,625, ₹8,730, ₹9,120 and ₹9,435 levels. On the other hand, key support for the stock stands at ₹8,230. Break and sustained trade below the same can trigger a fall towards ₹7,600 levels, with interim support likely around ₹7,870 - wherein stands the 100-DMA. CLICK HERE FOR THE CHART Vesuvius India Current Price: ₹5,200 Upside Potential: 16.4% Downside Risk: 6.8% Support: ₹5,145; ₹5,010 Resistance: ₹5,350; ₹5,480; ₹5,740 Vesuvius India stock is expected to trade on an upbeat note as long as the stock holds above ₹5,145 levels. Below significant support for the stock is visible at ₹5,010 and ₹4,845 levels. On the upside, the stock could rally towards the higher-end of the Bollinger Bands on the monthly chart, indicating an upside target of ₹6,050 levels. Interim resistance for the stock can be anticipated around ₹5,350, ₹5,480 and ₹5,740 levels.
