The Indian stock market extended losses for the third consecutive session on Wednesday, 9 September, as rising oil prices due to escalating US-Iran tensions continued to weigh on sentiment. According to reports from Mint, in three sessions, the Sensex crashed 2.3% while the Nifty 50 shed 2%. On Thursday, 10 September, the domestic market remained in consolidation mode as crude oil prices traded near $101 per barrel, raising concerns over its impact on the Indian economy and corporate profitability. The Nifty is now near 23,400. As reported by Mint, Amol Athawale, VP - Technical Research at Kotak Securities, noted that on both daily and intraday charts, the market continues to maintain a lower high-lower low formation, while on daily charts, it has formed a bearish candle, indicating further weakness from current levels.
According to Kotak Securities' Amol Athawale, Swiggy is recommended for the next 1-2 weeks with a previous close of ₹282.75, target price of ₹303, and stop loss at ₹272. As reported by Mint, after a sharp upward rally, Swiggy share price is now consolidating within a symmetrical triangle pattern on the daily chart, indicating that bullish momentum could continue in the near term. The presence of higher lows highlights sustained buying interest and underlying strength, suggesting a potential breakout ahead. Athawale emphasized that the key level to monitor is ₹272, which acts as immediate support, and if the stock holds above this level, the positive trend structure remains intact.
Athawale recommends Cummins India with a previous close of ₹5,170.50, target price of ₹5,540, and stop loss at ₹4,990. According to Mint, after declining from higher levels, Cummins India rebounded from its support zone and witnessed a sharp recovery from lower levels. On the daily charts, the stock has given a breakout from its sloping channel formation, with the up move suggesting a new leg of bullish trend from current levels. For the next few trading sessions, ₹4,990 could be the trend decider level for the bulls, and if it sustains above this level, further uptrend towards ₹5,540 is expected.
Athawale's third recommendation is Jindal Steel with a previous close of ₹1,146.50, target price of ₹1,230, and stop loss at ₹1,105. As reported by Mint, Jindal Steel is having a breather from last many sessions after a remarkable up move, with the consolidation structure suggesting bullish continuation chart formation. The stock comfortably closed above its short-term moving average, making it likely to resume its uptrend from current levels in the coming horizon. For positional traders, ₹1,105 would be the decisive level, with trading above this level continuing till ₹1,230, while a close below ₹1,105 may prompt traders to exit long positions.
