The Indian stock market is expected to see a muted opening on Friday, as sentiment remains cautious over the persisting geopolitical tensions. According to NDTV Profit, the benchmark Nifty 50 continues its consolidation movement and formed a small negative candle on the daily chart with minor lower shadow. Technical charts show the long lower shadows of the last two sessions indicate uptick in Nifty 50 towards the closing session of CAS. Nagaraj Shetti, AVP - Technical Research at HDFC Securities noted that the Nifty 50 is now placed above the crucial support of 24,300 levels, but the market has failed to sustain the upside so far. The underlying trend of Nifty 50 remains choppy with weak bias, and if the index sustains above 24,200 – 24,300 levels, there is a possibility of bounce back from the lower levels. Shetti also indicates that Nifty 50 may face immediate resistance at 24,500 levels.
ABB India has been moving up gradually as per bullish chart pattern like higher tops and bottoms. Currently, it is placed near the upside breakout of crucial hurdle of around ₹7,800 – ₹7,850 levels. According to NDTV Profit, volume and RSI patterns are showing positive indication. Nagaraj Shetti recommends buying ABB India shares for a target price of ₹8,200 apiece, while maintaining a stop loss of ₹7,450 for a timeframe of 1-2 weeks.
eClerx Services stock price has witnessed a sharp upside in last month but has shifted to minor downward correction so far this month. As reported by NDTV Profit, it sustained above 200-day EMA and is now ready to resume its next leg of upside. The overall positive chart pattern indicates bullish flag type formation on the weekly chart. Nagaraj Shetti has a 'Buy' call on eClerx Services shares with a target price of ₹2,020 and a stop loss of ₹1,785 for a timeframe of 1-2 weeks.
