Latest news with #NagarajShetti
Mint
9 hours ago
- Business
- Mint
Stocks to buy for short term: Nagaraj Shetti suggests SJVN, Berger Paints shares; do you own?
Stock market today: The Indian stock market experienced widespread buying, which propelled the Sensex and Nifty 50 benchmarks to rise by more than 1% during intraday trading on Thursday, June 5. The Sensex started at 81,196.08, compared to its prior close of 80,998.25, and surged over 900 points, or 1%, reaching an intraday peak of 81,911.13. Meanwhile, the Nifty 50 commenced at 24,691.20 against its previous close of 24,620.20 and climbed over 1% to an intraday high of 24,899.85. Market analysts suggest that investor optimism is driven by potential advancements in the India-US trade agreement and expectations for a rate reduction by the Reserve Bank of India's Monetary Policy Committee (MPC). Over the past several weeks, Indian stock markets have outperformed global indices as volatility persists in international markets due to looming US reciprocal tariffs. Moreover, a favourable inflation report in India has also provided some support to domestic equity indexes. Nagaraj Shetti of HDFC Securities expects Nifty 50 short-term trend remains positive and the next overhead resistance to be watched at 24,850. Nagaraj Shetti recommends SJVN, and Berger Paints shares to buy in the near-term. Nifty 50 witnessed follow-through upmove so far on Thursday and is currently trading higher by 90 points. Nifty 50 has been moving in a broader high low range of 24,500-25,000 levels over the last couple of weeks and is currently bouncing back from near lower end of a range. The short-term trend remains positive and the next overhead resistance to be watched at 24,850. A decisive upside breakout of this hurdle could open more upside in the near term. Nagaraj Shetti of HDFC Securities recommends these two stocks to buy in the short-term - SJVN Ltd, and Berger Paints India Ltd. After witnessing a healthy downward correction in the last couple of weeks, the SJVN share price has bounced back so far this week. Bullish pattern like higher tops and bottoms is intact as per weekly chart. Volume pattern and RSI shows positive indication. Berger Paints share price has surged up sharply on Thursday after shifting into a larger consolidation pattern recently. The stock price has also broken above the hurdle of down sloping trend line at ₹ 570 and is currently trading higher. Volume expanded during upside breakout in the stock price and RSI shows positive indication. Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
Mint
15 hours ago
- Business
- Mint
Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 5
The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open flat on Thursday, tracking mixed cues from global markets. The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 24,740 level, a premium of nearly 11 points from the Nifty futures' previous close. On Wednesday, the domestic equity market indices ended higher, snapping their three-day losing streak. The Sensex rose 260.74 points, or 0.32%, to close at 80,998.25, while the Nifty 50 settled 77.70 points, or 0.32%, higher at 24,620.20. Here's what to expect from Sensex, Nifty 50 and Bank Nifty today: Sensex is still trading below the 20-day SMA (Simple Moving Average) of 81.300, which is largely negative. 'We believe that the current market structure is non-directional, and the intraday formation indicating range-bound activity is likely to continue in the near future. For traders, the key levels to watch are 80,500 and 81,300. A move above the 20-day SMA or 81,300 could see the Sensex rallying toward 81,500 - 81,800. Conversely, a dismissal of 80,500 could accelerate selling pressure, with the index potentially slipping to 80,100 - 80,000,' said Shrikant Chouhan, Head – Equity Research, Kotak Securities. Nifty 50 witnessed modest upside bounce on June 4 and closed the day higher by 77 points amidst range movement. 'A reasonable bullish candle was formed on the daily chart on Wednesday, that was placed beside the long bear candle of previous session, which is indicating an attempt of upside bounce in the market. Nifty 50 is currently placed within a broader high low range of 24,500 - 25,000 levels and is currently in an attempt of upside bounce from near the lower end of range,' said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. He believes the underlying trend of Nifty 50 remains choppy, and further upside above the hurdle 24,850 levels could bring bulls back into action. Immediate support is placed at 24,500 levels. Bajaj Broking Research said that the Nifty 50 formed a small bull candle which remains enclosed inside previous session price range, signaling consolidation amid stock specific action ahead of the weekly expiry session on Thursday. 'Buying demand is seen emerging around the lower band of the last 16 session range 24,400 - 25,080, we expect the index to extend the consolidation ahead of the RBI monetary policy outcome on Friday. The zone around 24,400 – 24,500 serves as a crucial support area, aligning with the previous breakout zone, recent swing lows, and key Fibonacci retracement levels of the prior uptrend. A decisive break below this 24,400 – 24,500 support band could lead to a sharper decline,' said the brokerage firm. On the upside, the index faces stiff resistance near 25,050 – 25,080, where the previous two weekly highs have converged, creating a short-term resistance ceiling, it added. According to VLA Ambala, Co-Founder of Stock Market Today, Nifty 50 index formed an inside bar or bullish Harami candlestick pattern on the daily timeframe, with its RSI at 52- and the 20-day EMA. 'This technical development indicates a potential upward momentum. We could expect Nifty 50 to trade between 24,300 and 25,000 during the middle of the week. For Thursday's weekly expiry, Nifty 50 could find support between 24,500 and 24,370 and face resistance near 24,730 and 24,800 for the next trading session.' Bank Nifty index rose 76.90 points, or 0.14%, to close at 55,676.85 on Wednesday, forming a doji candle with small shadows on either side, highlighting consolidation ahead of the RBI monetary policy outcome on Friday. 'Bank Nifty index on the Tuesday session reacted lower from the upper band of the last 5 weeks consolidation area 56,000 - 53,500. We believe only a closing above the 56,000 area will signal extension of the up move towards the 56,700 zone in the near term. Failure to do so will signal extension of the last five weeks' consolidation,' said Bajaj Broking Research. It believes the short-term structure remains constructive with immediate support is placed at 55,000 – 55,200 levels, while key short-term support is seen at 54,000 – 53,500, which coincides with the 50-day EMA, key Fibonacci retracement levels, and the lower end of the established five-week consolidation band. Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities said that the Bank Nifty index remains mildly bullish, holding above its short-term moving average. 'However, price action continues to lack momentum, with buyers hesitating to chase highs ahead of the RBI monetary policy outcome later this week. This upcoming event is likely to act as a catalyst for directional resolution, potentially bringing sharp moves and volatility spikes. Unless the index decisively breaks below 55,300, the overall structure favors buying-on-dips, and the downside risk appears limited for now,' Dhameja said. According to him, a sustained move above the resistance of 56,150 could attract aggressive buying interest, but until that happens, the range trading strategy may remain valid. 'In conclusion, Nifty Bank is poised at a crucial juncture, with technical levels clearly defined. Traders are advised to stay nimble, as any policy-induced surprises could tilt the balance sharply in either direction,' added Dhameja. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Hans India
a day ago
- Business
- Hans India
Nifty eyes breakout as bulls push index to day's high; Key Resistance at 24,850
Keywords: Rewritten News Story: Trade Setup for June 5: Nifty Bulls Look to Break Out of Narrow Trading Band The Nifty ended 78 points higher on June 4, 2025, closing at 24,620 and marking the day's high—an encouraging sign for bulls looking to break out of the index's tightest trading range in the last 17 sessions. Despite slipping below its 20-day EMA for the second consecutive day, the Nifty managed to stay above the key swing low of 24,462 from May 22. The session saw a late surge in buying momentum, pulling the index higher. While most of the day remained range-bound, positive cues across sectors helped support the gains. Notably, all sectoral indices ended in the green except for Realty, with Oil & Gas, Metals, and IT stocks leading the rally. Among top Nifty performers were Eternal, Jio Financial, and IndusInd Bank, while Bajaj Finserv, Trent, and Eicher Motors weighed on the index. The broader markets outperformed, with the Nifty Midcap 100 gaining 0.71% and the Smallcap 100 up 0.79%. Quick-service restaurant (QSR) stocks were also in focus—Swiggy surged 9% and Eternal climbed over 3%—amid reports that Zepto may defer its IPO to 2026. Zepto later clarified it still plans to file its DRHP in 2025. HDFC Bank gained 1% following SEBI's approval of a ₹12,500 crore IPO for its subsidiary HDB Financial Services. On the institutional front, FIIs ended May with net inflows of ₹11,773 crore—their highest monthly buying since September 2024. However, selling resumed over the last two days, totaling more than ₹5,000 crore. Meanwhile, domestic institutions stepped in, driving large block trades worth ₹3,480 crore. Market analysts expect consolidation to continue. Siddhartha Khemka of Motilal Oswal highlighted that global trends and macro indicators will drive sentiment, with stock-specific movement prevailing. HDFC Securities' Nagaraj Shetti noted that while the trend remains choppy, a move above 24,850 could revive bullish momentum. On the downside, 24,500 remains key support. Rupak De of LKP Securities pointed out a bearish RSI crossover, signaling caution. 'We could see sideways movement until Friday's announcements. A break below 24,500 may trigger further weakness, while resistance lies at 24,750–24,900.' Nandish Shah, also of HDFC Securities, echoed the same, suggesting 24,845 as a near-term resistance level with 24,500 offering strong downside support.
Mint
2 days ago
- Business
- Mint
Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 4
The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Wednesday, tracking upbeat global market cues. The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 24,720 level, a premium of nearly 45 points from the Nifty futures' previous close. On Tuesday, the domestic equity market ended sharply lower, with the benchmark Nifty 50 closing below 24,600 level. The Sensex declined 636.24 points, or 0.78%, to close at 80,737.51, while the Nifty 50 settled 174.10 points, or 0.70%, lower at 24,542.50. Here's what to expect from Sensex, Nifty 50 and Bank Nifty today: Sensex slipped below the 20-day SMA (Simple Moving Average) or 81,300, and formed a long bearish candle on the daily chart, and on intraday charts, a lower top formation is holding, which is largely negative. 'We believe that the intraday market texture is weak, but a fresh sell-off is possible only if the level of 80,500 is breached. Below this, Sensex could decline to 80,100 - 80,000. On the upside, if the index moves above 81,000, a quick pullback rally towards the 20-day SMA or 81,300 could occur. Further upside may also continue, potentially lifting Sensex up to 81,500,' said Shrikant Chouhan, Head Equity Research, Kotak Securities. Nifty 50 formed a bear candle signaling profit booking at higher levels as the index failed to sustain above 24,800 and gave up its initial gains to close near the low. 'A long negative candle was formed on the daily chart, that has negated the positive impact created by the previous session. The market has been moving within a broader high low range over the last couple of weeks within 24,500 - 25,000 levels and the Nifty is currently placed at the lower range,' said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. He believes further weakness below from here could open more weakness down to the next support of 24,400 - 24,300 levels, and any upside from here could find resistance around 24,800 levels. Dr. Praveen Dwarakanath, Vice President of noted that the Nifty 50 formed an engulfing bearish candle closing near its support of 24,500 levels. 'Nifty 50 index is bouncing every time from the 24,500 level, indicating strong support at the 24,500 level. The index has consolidated between the range of 24,500 and 25,150, until the break of any one of these, the bias continues to be sideways. One can look to buy on the drop near the support and sell on the rally near 25,000 levels. The momentum indicators on a smaller time frame have decayed to the oversold region, hinting a possible bounce from the closing level,' said Dwarakanath. VLA Ambala, Co-Founder of Stock Market Today said that the Nifty 50 index formed a bearish engulfing candlestick pattern on the daily time frame. 'Judging the current market sentiment, 24,430 would be a decisive level to watch today, as it could emerge as a make-or-break point. Meanwhile, for swing traders, the broader market trend remains bullish, and the current momentum is viewed as a pullback. During Tuesday's session, the Nifty index's RSI was at 50, and it plunged 3.75% in the absence of any major market triggers. If the index opens above 24,810, a sell-on-the-rise strategy would be best suited, but if Nifty opens around 24,250, a buy-on-dip strategy will be more beneficial,' Ambala said. Based on these considerations, she expects Nifty 50 to gather support between 24,250 and 24,180 and notice resistance near 24,670 and 24,810 in today's intraday session. Bank Nifty index hit a fresh all time high of 56,161 in the opening trade on Tuesday, while profit booking at higher levels saw the index giving up its gains and closing lower by 0.5%. 'Bank Nifty index snapped its four sessions up move and formed a bear candle signaling profit booking at higher levels. The index is seen consolidating in the broad range of 56,000 - 53,500 in the last five weeks. The index sustaining above the 56,000 mark will signal acceleration of up move towards the 56,700 zone in the near term. Failure to do so will signal extension of the last five weeks consolidation,' Bajaj Broking Research said in a note. According to the brokerage firm, the short-term structure remains constructive with immediate support is placed at 55,000 – 55,200 levels, while key short-term support is seen at 54,000 – 53,500, which coincides with the 50-day EMA, key Fibonacci retracement levels, and the lower end of the established five-week consolidation band. Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities believes that the Bank Nifty index remains structurally bullish, holding firmly above its 10-day EMA, and every minor dip continues to be bought into. 'A sustained breakout above the immediate resistance at the all-time high could unleash strong bullish momentum. Unless the crucial support at 55,000 is breached decisively, sellers are expected to face persistent hurdles. Broadly, the trend remains moderately positive but peppered with intraday volatility. As long as the index respects its key support zones, downside risk appears limited,' said Dhameja. With the upcoming RBI monetary policy event on the horizon, traders should prepare for potential spikes in volatility and rapid momentum shifts, he added. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Hans India
2 days ago
- Business
- Hans India
Trade Setup for June 4: Key support in focus after Nifty's 290-point slide
The Nifty continued its downward drift on Tuesday, falling for a third straight session and losing a total of 290 points in just three days. Despite opening 70 points higher, the index couldn't hold its gains and reversed sharply from the intraday high of 24,850 to close 174 points lower at 24,542. This decline puts the Nifty just above its crucial support of 24,500. Analysts say a breach below the previous swing low of 24,462 could escalate selling pressure, potentially dragging the index toward the next support zones of 24,400–24,300, or even further down to the 50 DEMA near 24,185. Meanwhile, the broader market sentiment remained weak. The Nifty Bank index, which hit a record high of 56,161 in early trade, slipped 303 points to settle at 55,600. Only Nifty Realty and Media managed to stay afloat, with Realty gaining 1% amid expectations of an RBI rate cut in its upcoming June 6 policy review. Oil & Gas was the day's worst-performing index, while fertiliser stocks staged a strong rally with several counters surging over 15% on favorable global cues and positive weather forecasts. Foreign institutional investors were net sellers, while domestic investors absorbed some pressure as net buyers. Technical experts believe the Nifty is currently consolidating within a broader 24,500–25,000 range. Nagaraj Shetti of HDFC Securities stated that a breakdown below current levels may accelerate a slide toward lower support areas. Rupak De of LKP Securities highlighted that a close below 24,500 might trigger fresh short positions, pushing the index towards 24,000. However, holding above this level could pave the way for a rebound toward 24,700–24,750. The index has now closed below both its 20-day EMA and SMA, signaling short-term weakness. The near-term resistance has now shifted lower to 24,845, marking a critical barrier for any recovery attempt. With the RBI's monetary policy decision on the horizon, markets are likely to remain volatile. Traders and investors are advised to stay cautious and watch for a decisive move beyond the 24,500–24,800 range.
