Market Opens in Red Following Global Cues
Indian equity benchmarks commenced Friday's trading session on a negative note, influenced by widespread selling pressure in global markets. The Nifty 50 index opened at 26,109.55, marking a decline of 82.60 points or 0.32%. Similarly, the BSE Sensex began the session at 85,347.40, down by 285.28 points or 0.33%.
Analyst Outlook and Technical Perspective
Despite the weak opening, market analysts maintain a positive medium-term view. Osho Krishan, Senior Analyst of Technical & Derivatives at Angel One, noted that the domestic market's underlying momentum remains strong. He highlighted that the support base for Nifty has shifted higher to the 26,100-26,000 zone, with crucial support positioned at 25,800.
Krishan emphasized that the benchmark index's V-shaped recovery has generated robust momentum, suggesting the prevailing bullish trend is likely to continue. He identified 26,277 as the immediate psychological resistance level, with a potential breakthrough paving the way for the index to reach 26,500 in the near term.
Stocks Recommendations for Friday
Osho Krishan of Angel One recommended two stocks for investment consideration on Friday:
Samvardhana Motherson International Ltd
The analyst observed that Samvardhana Motherson has shown significant resurgence after prolonged consolidation. The stock's movement above key exponential moving averages, accompanied by increased trading volumes and positive signals from RSI and MACD indicators, supports a bullish outlook. He recommends buying around ₹110 with a stop loss at ₹101 and target of ₹126.
Hindustan Unilever Ltd (HUL)
HUL has found stability after declining from its recent high near 2,700 levels. The stock has taken support at the 200-day simple moving average, while RSI indicates potential for a counter-trend movement. A positive crossover between MACD and its signal line further reinforces the bullish perspective. The recommendation is to buy around ₹2,400 with a stop loss at ₹2,335 and target of ₹2,550-2,560.
The prevailing market sentiment favors a strategy of purchasing during dips, supported by strong domestic fundamentals and selective sectoral rotation. Investors are advised to exercise caution in stock selection while maintaining an overall optimistic outlook on Indian equities.
