Indian benchmark indices Sensex and Nifty 50 traded higher on Thursday, 2 July, with Nifty 50 rising 0.50% to 24,127.15 and Sensex gaining 0.48% to 77,294.46. According to reports from LiveMint, the positive momentum was driven by easing crude oil prices after Qatar said the US and Iran had made 'positive progress' during indirect talks held in Doha. Brent crude slipped below $71 per barrel, lifting sentiment in oil-importing economies such as India. The market bounce continued for the second consecutive session as investors responded positively to the US-Iran diplomatic developments. As per Reuters, US and Iranian negotiators held two days of indirect discussions in Doha, with talks centred on ensuring safe maritime traffic through the Strait of Hormuz and the release of Iran's frozen assets under the initial framework agreement. Qatar's Foreign Ministry said the next round of negotiations will be scheduled after the funeral ceremonies of Iran's late Supreme Leader Ayatollah Ali Khamenei, who is set to be buried on 9 July.
Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities, provided market insights indicating the Nifty 50 is currently trading higher by 72 points with the index moving within a broader high-low range of 24,200-23,800 levels. As reported by LiveMint, Shetti noted that Nifty 50 is expected to move towards the upper range of 24,200-24,300 levels in the near term after bouncing back from near the lower range of 23,800 on Wednesday. Immediate supports to be watched at 23,800-23,750 levels according to the technical analysis.
IFCI shares are recommended as a buy at ₹77.75 with a target of ₹82 and stop-loss at ₹75.50 for a one-week timeframe, according to HDFC Securities' analysis. According to LiveMint, the downward correction in IFCI share price seems to have completed with the stock bouncing back after forming a crucial bottom reversal pattern at the trend line support around ₹74 levels. The technical pattern shows bullish pattern like higher tops and bottoms is intact and the stock price is in the formation of new higher bottom reversal. As per Reuters, the stock has bounced back after forming a crucial bottom reversal pattern at the trend line support around ₹74 levels.
Five-Star Business Finance shares are recommended as a buy at ₹545 with a target of ₹575 and stop-loss at ₹527 for a one-week timeframe, as per HDFC Securities' recommendation. As reported by LiveMint, Five-Star Business Finance share price has witnessed a sharp bounce back recently after forming a new higher bottom. The stock has surpassed the crucial 200-day EMA and is currently trading higher, with volume pattern and daily RSI showing positive indication supporting the bullish outlook. According to Reuters, Five-Star Business Finance share price has witnessed a sharp bounce back recently after forming a new higher bottom.
