Latest news with #SameetChavan
Mint
14-05-2025
- Business
- Mint
Indian stock market: Is it time to book profits amid easing India-Pak tensions?
Indian stock market: Indian benchmark indices, Sensex and Nifty50, moved higher on Wednesday, buoyed by strong performances in financial and IT stocks, following lower-than-expected inflation data from both the U.S. and India for April. Around 10:20 am, the BSE Sensex surged 518 points (0.64%) to 81,666, while the Nifty50 rose 184 points (0.75%) to 24,762. 'The benchmark Nifty saw a pullback in yesterday's trading session after a strong rally in the session before that. Opening with a gap down of 60 points, it witnessed selling pressure throughout the day, closing with a loss of 346 points. Top gainers included Bharat Electronics Ltd., Hero MotoCorp Ltd., and Jio Financial Services Ltd., while top losers were Infosys Ltd., Power Grid Corporation of India Ltd., and Eternal Ltd. On the technical front, Nifty experienced a steep pullback following a strong rally. It has formed a bearish candlestick pattern on the daily chart, indicating the potential for continued bearish momentum in the near term,' said brokerage firm Way2Wealth in a report. Nifty witnessed profit booking in yesterday's session, falling more than 400 points from intraday highs and closing near the session's low. 'As anticipated, Nifty Midcap and Small Cap indices outperformed the Benchmark Indices. We expect this trend to continue as we approach the end of the earnings season, which has been primarily in line with expectations,' said Devarsh Vakil, Head of Prime Research at HDFC Securities. According to Sameet Chavan, Head Research, Technical and Derivative - Angel One, the market's tone is bullish despite volatility amid ongoing India-Pakistan tensions. 'This undercurrent kept the market's tone bullish. While choppiness may persist, we maintain a positive bias on the benchmark and stick to our recent view of adopting a 'buy on dips' strategy,' Chavan said. 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.
Mint
23-04-2025
- Business
- Mint
Stock market outlook: Can Nifty 50 reclaim 26,000 level amid market rally? Experts weigh in
Stock market today: Indian stock market benchmarks extended their winning streak for a seventh straight session on Wednesday, April 23, supported by steady Q4 earnings, robust foreign capital inflows, and a positive growth outlook. The Sensex opened at 80,142, up from its previous close of 79,596, and gained 659 points (0.80%) to reach 80,254.55 during the session. Similarly, the Nifty 50 began the day at 24,358 compared to its prior close of 24,167, rising 192 points (0.80%) to hit 24,359. Over the past seven sessions, the Sensex has climbed 6,407 points, or 8.7%, while the Nifty 50 has surged 1,960 points, or 8.8%. This winning streak has added approximately ₹ 35 lakh crore to investors' wealth. "The day began on a positive note once again, but unlike recent sessions, the market lacked follow-through momentum. Nifty traded within a narrow range throughout the day and ended near its opening level with modest gains of 0.17%, closing tad above the 24150 mark. With this, Nifty extended its winning streak to six consecutive sessions, registering a new high for the calendar year. However, after an impressive 11% rally from the April lows of 21743, signs of fatigue among bulls are becoming evident. This is reflected in the formation of a 'Doji' candlestick on the daily chart. While this pattern doesn't suggest a trend reversal, it does point towards a possible slowdown in momentum, hinting at consolidation or minor dips in the near term. Adding to this, hourly indicators are now in overbought territory, suggesting a more selective approach is warranted. A 'buy on dips' strategy may be more appropriate at this juncture. On the downside, the bullish gap in the 23900–23800 zone is expected to act as immediate support," said Sameet Chavan, Head Research, Technical and Derivative - Angel One. Prashanth Tapse, Sr VP Research Analyst at Mehta equities, believes that Nifty has high potential to reclaim the 26,000 mark or even cross ALL TIME HIGH. Fundamental factors like change in mood of FII investment, Lower Inflation, Reducing interest rate, budgetary impact based on consumption based growth would give better than expected earnings growth in this FY2026. 'On technical setup, indicators are penciling some sort of consolidation in the near term. The benchmark is facing resistance around 24,350, with an immediate support being at 24,000. We expect some profit booking to come in at these levels before fresh buying comes in at lower zones. The RSI near 66 indicates a cooling-off phase, and the MACD indicates mildly overbought conditions. Therefore, we advise traders to wait and watch before initiating fresh longs,' Tapse said. According to Mandar Bhojane, Equity Research Analyst at Choice Broking, the Nifty 50 is showing strong bullish momentum and technical signals indicate that a move toward the 26,000 level is achievable before the end of this year. On the weekly chart, Nifty has confirmed a breakout from a long-term descending trendline with robust volumes, indicating a shift in sentiment from cautious to decisively bullish. 'From its recent swing low, Nifty has rebounded sharply, posting an 11% recovery (around 2,408 points). This recovery highlights the strength of the bulls and suggests a continuation of the rally as long as the price holds above the critical support level of 23,800. On the upside, the index has the potential to move towards 24,800, 25,200, and ultimately 26,000 in the coming months, making every dip a potential opportunity for accumulation,' Bhojane said. 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. First Published: 23 Apr 2025, 02:04 PM IST
