The domestic stock market posted healthy gains on Thursday, with the Nifty 50 snapping its seven-session losing streak amid supportive global cues. According to reports from Religare Broking, the Nifty reclaimed the 24,200 level, ending at 24,232, with a decent gain of 0.64%. The recovery was driven by a decline in US bond yields after the US Treasury announced measures to increase buybacks of long-duration debt, along with a stronger rupee and short covering following recent corrections. As reported by Religare Broking, the Nifty has rebounded from the 24,000 support after the recent slide, with the immediate hurdle remaining at 24,300–24,400. A decisive move above this zone could improve the near-term bias and extend the recovery towards 24,600, while a break below 24,000 could revive the corrective trend. GIFT Nifty Futures are currently 38 points, or 0.16% up at 24,331, hinting at a muted start for Friday's session. From a technical perspective, 24,150 is an immediate crucial support, followed by a stronger cushion at 24,040–24,000, while immediate resistance is likely to emerge in the 24,250–24,350 band, followed by a stronger hurdle at the 24,400–24,450 zone.
According to Religare Broking's Ajit Mishra, SVP of Research, amid prevailing uncertainty and elevated crude prices, traders should maintain a cautious stance on the index while focusing on selective stock-specific opportunities. As reported by Religare Broking, participants should prefer relatively stronger stocks and sectors while maintaining disciplined risk and position management. Mishra recommends three specific stocks for the next 1-2 weeks: Shriram Finance, Nippon Life India Asset Management, and The Indian Hotels Company. Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of ₹583.36 crore on Thursday, while domestic institutional investors (DIIs) turned buyers of Indian equities to the tune of ₹3,537.71 crore on a net-net basis. The Sensex formed a bullish green candle after three consecutive red candles, indicating a meaningful recovery in sentiment, with the index opening sharply higher and closing above its 50-Day EMA.
Shriram Finance is recommended with a previous close of ₹1,128.20, target price of ₹1,210, and stop loss at ₹1,090. According to Religare Broking, the stock remains firmly placed in a long-term uptrend with all key moving averages aligned positively, highlighting sustained underlying strength. After undergoing multi-month consolidation, the stock has delivered a decisive breakout and resumed upward momentum, advancing to fresh record highs and forming an elevated base above the 20 EMA. The formation indicates potential continuation of the broader uptrend and start of another leg higher, with investors advised to consider accumulating on a cash delivery basis.
Nippon Life India Asset Management is recommended with a previous close of ₹1,232.50, target price of ₹1,340, and stop loss at ₹1,180. As reported by Religare Broking, the stock has maintained positive price structure, consistently forming higher highs and higher lows while sustaining above its rising weekly averages. The recent move above the declining trendline marks a fresh technical breakout, with rising volume adding conviction to the setup. The overall technical setup remains favourable for the continuation of the uptrend, with investors advised to consider accumulating within the recommended buying range.
The Indian Hotels Company is recommended with a previous close of ₹735.85, target price of ₹790, and stop loss at ₹710. According to Religare Broking, the stock has bottomed out near its 200-week EMA and witnessed strong recovery after a prolonged corrective phase lasting over a year. The subsequent move above the declining trendline marked significant change in price structure, reversing the earlier lower-top–lower-bottom formation. Post-breakout, the stock entered consolidation and built higher base while holding above key moving averages. The recent rebound from the lower end of this base, accompanied by renewed buying interest, suggests the stock is poised to resume upward trajectory, backed by resilient price structure and improving technical setup.
