The Nifty 50 and BSE Sensex traded largely flat on Thursday, May 7, with the Nifty 50 up 0.07% at 24,355.8 and the Sensex edging 0.04% higher to 78,009.74 as of 13:52 IST. According to reports from LiveMint, both benchmark indices had surged around 1.2% each in the previous session and fluctuated between gains of 0.4% and losses of 0.2% in early trade on Thursday. The market showed signs of consolidation after witnessing a sharp bounce back from intraday lows on Wednesday, with the Nifty 50 currently at the edge of surpassing another resistance level around 24,400.
Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities, has provided specific short-term recommendations for two stocks. As reported by LiveMint, Shetti recommends buying Anant Raj shares at ₹554.50 with a target of ₹585 and a stop loss of ₹537 for a timeframe of 1 week. Additionally, he suggests buying Rico Auto Industries shares at ₹124.25 with a target of ₹132 and a stop loss of ₹119, also for a 1-week timeframe. According to the analysis, Anant Raj has witnessed a sharp upmove this week, breaking above the crucial down-sloping trend line on the weekly chart at the ₹500-510 levels, while Rico Auto Industries has broken out of its consolidation pattern.
The positive sentiment in Indian markets is being driven by easing crude oil prices and growing expectations of a potential peace deal between the US and Iran. As reported by LiveMint, Brent crude, which had declined 7.8% in the previous session, hovered near the $102 per barrel mark during early Asian trading hours on Thursday. Lower crude oil prices are viewed positively for India, the world's third-largest crude importer, as they help ease inflationary pressures, support economic growth, and improve corporate earnings outlook. Asian markets also traded higher amid reports that the US and Iran were moving toward a potential agreement to end the conflict.
According to Shetti's analysis reported by LiveMint, the Nifty 50 is in a consolidation phase with positive bias and is currently trading higher by 37 points. The range movement in the last few sessions has been broken on the upside, with the next upside targets expected around the 24,600-24,800 levels by next week. Immediate support is placed at 24,200. For Anant Raj, the analysis shows a bullish chart pattern with higher tops and bottoms in the weekly timeframe, while Rico Auto Industries maintains a bullish chart pattern with higher tops and bottoms intact on the weekly chart, with daily/weekly RSI and volume patterns indicating positive bias ahead.
