The Nifty 50 gained for the second consecutive session, rising 220 points to close at 22,776. According to reports from Business Standard, after opening nearly 50 points higher, the index sustained its upward momentum throughout the session and settled near the day's high. The short-term trend of the Nifty has turned positive, with the index closing above its five-day EMA for the first time since September 23, supported by favorable global cues.
As reported by Business Standard, immediate resistance for Nifty 50 is placed at 22,875, followed by 23,080. On the downside, support has shifted higher to around 22,550. The technical analysis indicates that the index has found support on its 50 DEMA and broken out from the 'Flag' pattern on the daily chart, with price rise accompanied by rise in volumes. The stock is now placed above all key moving averages, indicating a bullish trend on the short-term time frame, with daily RSI sustaining above 50 supporting the technical outlook.
According to HDFC Securities technical analyst Vinay Rajani, the stock price has found support near its 200 SDMA and 50 WEMA and bounced back from a healthy correction. As reported by Business Standard, the stock price has also formed a double bottom pattern near 261, which further confirms bullish reversal. Indicators and oscillators have turned bullish on the daily charts, with the recommendation to buy SCI at ₹289 with stop loss at ₹275 and target of ₹305.
As reported by Business Standard, RK Forge is recommended as a buy at ₹732 with stop loss at ₹685 and target of ₹775. The stock has found support on its 50 DEMA and broken out from the 'Flag' pattern on the daily chart. The price rise is accompanied by rise in volumes, with the stock now placed above all key moving averages, indicating a bullish trend on the short-term time frame. Daily RSI has been sustaining above 50, supporting the technical outlook.
India's offshore exploration push is creating specialized opportunities for Platform Supply Vessels (PSVs), which transport fuel, water, drilling fluids, equipment and deck cargo between shore bases and offshore rigs and production platforms. According to DIResearch, the global PSV market is estimated at $4.11 billion in 2026 and is projected to reach US$4.87 billion by 2033, implying a 2.46% compound annual growth rate (CAGR). As per MarketsandMarkets, India's larger offshore support vessel market, including PSVs, Anchor Handling Tug Supply (AHTS) vessels and other specialized vessels, was valued at $956.1 million in 2024 and is projected to reach $1.09 billion by 2029.
