The Indian stock market registered its eighth consecutive week of losses on Thursday, marking a streak last seen in 2001. According to reports from NDTV Profit, the Sensex declined 570.59 points (0.79%) to close at 71,909.70, while the Nifty 50 settled 198.50 points (0.88%) lower at 22,421.95. The market showed some resilience after recovering from the day's lows, with the underlying trend remaining weak. Nagaraj Shetti, AVP Technical Research at HDFC Securities, noted that the Nifty 50 is currently placed around the crucial support of ascending trend line at 22,400 levels, connected between swing lows of mid-April 25 and early April 26. However, there is no significant evidence of any bounce back emerging from the lows, with the underlying trend continuing to be weak.
Siemens Energy India has been recommended as a buy for short-term trading with specific technical parameters. As reported by NDTV Profit, the stock has formed a lower bottom in the last month and moved up strongly over the next one month. The stock has sustained above the crucial 200-day EMA this week after violating below it last week. Currently, the stock is placed at the edge of a breakout of consolidation resistance at ₹3,350 levels. Volume patterns and daily RSI show positive indications, supporting the bullish outlook. Shetti recommends buying Siemens Energy shares at ₹3,340 for a target price of ₹3,580 and maintaining a stop loss of ₹3,190 for a timeframe of 2-3 weeks.
Grasim Industries has been recommended as a sell for short-term trading with specific technical parameters. According to NDTV Profit, the stock witnessed a sharp fall this week, closing lower by around 7%. The bearish chart pattern of lower tops and bottoms remains intact, with the stock price currently declining in line with the formation of new lower bottom. Shetti notes that Grasim Industries stock price also closed below the crucial support of 200-day EMA on Thursday. Volume has expanded during the breakdown in the stock price, while daily RSI shows negative indication. The recommendation involves a 'Sell' call at ₹2,965 for a target price of ₹2,780 with a stop loss of ₹3,085 for a timeframe of 2-3 weeks.
Grasim Industries is currently trading at ₹2,952.50, reflecting a 3.58% decrease today, with the stock showing notable volatility. According to latest market data, the stock has a market capitalization of ₹2,01,587.97 crore and volume of 2,59,585 shares, which is significantly lower than the average volume of 7,18,710 shares over the past week. The stock's price-to-earnings ratio stands at 35.41 with earnings per share of ₹83.66. The 7-day simple moving average is ₹3,118.09, providing some technical context for the current trading levels.
