The Indian stock market ended in positive territory on Thursday, with the Sensex rising 238 points (0.31%) to close at 76,741.82 and the Nifty 50 gaining 81 points (0.34%) to end at 23,962.80. According to reports from Mint, broader markets significantly outperformed with the Nifty Midcap 100 jumping 1.38% and the Smallcap 100 surging 1.80%, reflecting improved market breadth and renewed buying interest. The positive momentum was supported by easing geopolitical concerns after reports suggested Iran's willingness to resume negotiations and a decline in the India VIX, which supported overall market sentiment.
Technically, Ajit Mishra, SVP of Research at Religare Broking, believes the Nifty has lost some momentum and that a broader phase of consolidation could be underway. As reported by Mint, Mishra believes the index may find support in the 23,650–23,800 zone, while the 24,150–24,400 region may act as the immediate resistance band. Given the prevailing market setup, Mishra recommends maintaining a cautious stance on the index and focusing on relatively stronger sectors such as pharma, realty, and select banking names for long positions while adhering to disciplined risk management.
Mishra recommends Mahindra and Mahindra Financial Services as a buy with a current price of ₹336.75, target price of ₹365, and stop loss at ₹323. According to Mint, after remaining within a broader consolidation for nearly four months, the stock has shown signs of trend reversal while holding firmly above its key long-term support, the 200-week EMA. The recent price action reflects improving strength as the stock has reclaimed its key short- to medium-term moving averages and formed a bullish pivot, leading to a breakout from a double-bottom pattern.
Mishra recommends Sun Pharmaceutical Industries as a buy with a current price of ₹1,938.70, target price of ₹2,120, and stop loss at ₹1,850. As reported by Mint, the pharmaceutical sector continues to witness sustained buying interest, with Sun Pharma participating in the sector-wide strength. After consolidating for nearly two years, the stock appears poised for a fresh breakout, having reclaimed its previous record high, which signals the resumption of its long-term uptrend. The stock has also formed a fresh buying pivot around current levels while continuing to trade firmly above its 20-day DEMA.
Rajesh Palviya, Vice President of Technical and Derivative Research at Axis Securities, has recommended Lupin as a buy with a current price of ₹2,507.30 at 12:49 pm, target range of ₹2,650-2,700, and stop loss at ₹2,440. The stock has demonstrated strong performance with shares gaining more than 30% over the last year, reflecting robust investor confidence in the pharmaceutical company's prospects. This recommendation adds to the growing list of short-term trading opportunities identified by market analysts.
