Indian equity benchmarks opened FY27 on a strong note, with the Nifty 50 advancing 348 points to close at 22,679.40 and the Sensex gaining 1,186.77 points to end at 73,134.32. According to reports from Mint, the Sensex surged nearly 2,000 points intraday to touch 73,964.58 before profit booking trimmed gains. Market breadth was robust with 3,675 stocks advancing against 478 declines, while the rebound came after both indices shed over 11% in March - their steepest monthly fall in six years amid elevated crude prices linked to the Iran conflict.
As reported by Mint, the market's significant gap-up initially sparked hopes for an accelerated rally, but these expectations faded as prices pulled back to form higher lows throughout the day. The 23,000 level serves as the critical pivot point for the trend, with the Nifty needing to close decisively above this level for a shift in bias. The rupee's weakness persisted, hitting new all-time lows beyond 95 per Dollar, while the RSI remains weak and the market still needs confirmation from long-term trendline supports.
According to Mint's analysis by Raja Venkatraman, NAM-INDIA is recommended as a buy above ₹870 with a stop loss at ₹830 and target of ₹945. The asset management company, which manages Nippon India Mutual Fund, has shown steady improvement in RSI with a P/E ratio of 39.11 and 52-week low of ₹1003.90. Technical analysis shows support at ₹815 and resistance at ₹980, with the stock trading at current price of ₹865.15.
As reported by Mint, MCX is recommended as a buy above ₹2480 with a stop loss at ₹2400 and target of ₹2690. The commodity derivatives exchange maintains a dominant market share of over 95% in commodity futures and has experienced a constructive rounding bottom revival. With a P/E ratio of 87.20 and 52-week high of ₹2706, the stock shows technical strength with support at ₹2300 and resistance at ₹2600.
According to Mint's analysis, HAVELLS is recommended as a sell below ₹1185 with a stop loss at ₹1225 and target of ₹1105. The electrical goods company has P/E ratio of 50.48 and 52-week high of ₹1624, with current trading price at ₹1190.80. Technical analysis shows suppressed price trends with rallies into Tenkan-Sen and Kijun-Sen bands meeting selling pressure, highlighting potential for further decline with weak RSI supporting the short opportunity.
