The domestic benchmark indices began Thursday, April 30, on a negative note, with Nifty 50 falling 1.16% to 24,178 and BSE Sensex decreasing 1.17% to 76,578.87 as of 9:23 IST. According to reports from LiveMint, selling pressure was widespread across all sectors, with all 16 sector indices experiencing losses. The overall market also declined, as mid-cap stocks dropped 1.2% and small-cap stocks decreased 0.7%. Oil prices played a significant role in dampening sentiment, with Brent crude prices surging to approximately $123 per barrel following Donald Trump's discussions with oil companies regarding potential strategies to mitigate the impact of a prolonged disruption in Iranian port operations.
As reported by LiveMint, Osho Krishan, Sr. Analyst at Angel One, noted that the Nifty 50 extended early gains and moved above the 24,300 level during the first half but faced profit booking in the latter half. The index maintained positive momentum with a gain of approximately 0.76% to close at 24,178. On the daily chart, price action remained confined within two key short-term moving averages, with the 20 DEMA providing support on the downside and the 50 DEMA acting as immediate resistance on the upside. The 24,300-24,350 zone persists as a near-term hurdle, with a decisive breakout above this range potentially driving prices towards last week's high near 24,600.
According to Angel One's recommendations reported by LiveMint, Chennai Petroleum Corporation shares have been trading firmly above its key EMAs post the resurgence from lows of ₹800 subzone. The stock has witnessed a consolidation breakout and is positioned to reclaim its high, with the confluence of nearby EMAs expected to provide strong support. Bharti Airtel shares have undergone notable recovery in the week, with prices retracing above its 20 and 50-DEMA and momentum indicators turning bullish. The 14-day RSI has exhibited a positive crossover and higher low formation, reinforcing the likelihood of a bullish reversal.
As reported by LiveMint, for Chennai Petroleum Corporation, Angel One recommends a BUY around ₹1,120-1,110 with a Stop Loss of ₹1,020 and Target of ₹1,240-1,275. For Bharti Airtel, the recommendation is a BUY around ₹1,870-1,860 with a Stop Loss of ₹1,780 and Target of ₹1,980-2,040. The analyst advises traders to closely monitor these key levels and align strategies accordingly, noting that maintaining lighter overnight positions would be prudent given ongoing geopolitical tensions and the extended weekend ahead.
