Domestic benchmark indices ended lower on Thursday, with the Nifty closing at 24,090.85, down 117 points or 0.48%, and the Sensex settling at 76,933.59, lower by 539 points or 0.70%. According to reports from Religare Broking, the decline was weighed by losses in heavyweight stocks across sectors amid mixed global cues. The index slipped below the 24,100 mark, ending at 24,090.85, losing 117 points, or 0.48%. Ajit Mishra, SVP of Research at Religare Broking, highlighted that investor sentiment remained cautious amid mixed global cues, while firmer inflation data keep the US Fed rate-hike expectations alive. The focus has now shifted to Federal Reserve Chair Kevin Warsh's remarks at the Jackson Hole symposium.
On the technical front, Mishra highlighted that Nifty is gradually narrowing down its consolidation range into a tight band, indicating a squeeze in volatility. As reported by Religare Broking, the index is approaching its crucial support zone, coinciding with the rising trendline near the 24,100-24,000 zone. A sustained break below this level could extend the correction towards 23,800–23,650, while on the upside, 24,200 is likely to act as the immediate hurdle, followed by the 24,300–24,400 zone. Mishra advised that until greater clarity emerges, participants should maintain a cautious, stock-specific approach, focusing on relatively stronger pockets while maintaining disciplined risk and position management.
According to Mishra's recommendations from Religare Broking, CG Power shares are rated as a buy with a target price of ₹974 and stop loss at ₹860. The stock is trading at LTP of ₹897.90. Mishra noted that CG Power shares, after profit-taking from the highs around ₹980, found support near the 50% retracement of its previous rally, coinciding with the 200-EMA. The stock subsequently rebounded and broke out above the declining trendline, indicating a likely resumption of the uptrend. The stock continues to trend higher, reflecting inherent strength in its price structure, with the technical setup improving and the stock appearing well placed to extend its upward momentum.
As per Religare Broking's analysis, Mazagon Dock Shipbuilders is rated as a buy with a target price of ₹2,810 and stop loss at ₹2,480, with the stock trading at LTP of ₹2,588. Mishra highlighted that the stock retains a constructive bullish structure, with price action forming higher highs and higher lows following an extended consolidation phase. The stock is comfortably sustaining above key short- to medium-term moving averages, confirming a positive trend across multiple timeframes. The recent upside breakout, supported by improving volumes, strengthens the bullish setup, while RSI maintains a positive bias and MACD reinforces momentum, making it suitable for accumulation within the recommended buying range.
According to Religare Broking's analysis, Hindustan Unilever is rated as a sell futures with a target price of ₹1,940 and stop loss at ₹2,050, with the stock trading at LTP of ₹2,013. Mishra noted that the FMCG sector continues to underperform, and within the space, Hindustan Unilever remains in a lower-top, lower-bottom formation. The stock has failed to sustain the rebound, forming lower highs and consistently encountering resistance from its moving averages. The stock has slipped below its support zone and formed a shorting pivot, with expectations of continued selling pressure, making it suitable for selling opportunities through futures trading.
