Indian equities extended their upward momentum for a second straight session on Thursday, with the Nifty nearing record territory amid global optimism and sectoral resilience.
The Nifty 50 surged past the 26,200 mark during intraday trade, buoyed by upbeat global cues and sustained institutional buying, before settling at 26,192.15, up 139.50 points (0.54%). The Sensex climbed 446.21 points (0.52%) to close at 85,632.68, supported by gains in banking and energy stocks. The Nifty Bank index notched its fourth consecutive record high, peaking at 59,440.10 and ending at 59,347.70, up 0.22%.
Here are three stocks to buy or sell as recommended by Raja Venkatraman of NeoTrader
SBILIFE (Cmp ₹2027.10)
SBILIFE: Buy above ₹2028, stop ₹1995 target ₹2115 (Multiday)
- Why it’s recommended: SBI Life Insurance Company Limited (SBILIFE) is one of India's leading private life insurers, established as a joint venture between the State Bank of India (SBI) and French financial institution BNP Paribas Cardif. On the Daily charts we note that the prices have been oscillating around the TS & KS lines for a while after a strong upward drive. Now, with a fresh wave of momentum one can see a nice long body candle being formed inviting us to go long.
- Key metrics:
- P/E: 82.77,
- 52-week high: ₹2018.80,
- Volume: 805.78K.
- Technical analysis: Support at ₹1950, resistance at ₹2150.
- Risk factors: Persistency, morbidity, and mortality risk, and information security and cyber risk.
- Buy : above ₹2028.
- Target price: ₹2115 in 2 months.
- Stop loss: ₹1995.
360ONE (Cmp ₹1142.10)
360ONE: Buy above ₹1145, stop ₹1130 target ₹1175 (Intraday)
- Why it’s recommended: 360 ONE Ltd, operating under the name 360 ONE WAM Ltd (formerly IIFL Wealth Management Ltd), is a prominent Indian multinational wealth and asset management company . Strong bullish undercurrent in this counter continues to push the prices higher. With the recent value area resistance around 1170 being exceeded possibility of more upward traction emerges. As the positive DI inches higher, we can look for some fresh moves unfolding in the next few days. The strong showing on Thursday has reinstated buying interested once again. Buy.
- Key metrics:
- P/E: 156.80
- 52-week high: ₹1317.25
- Volume: 1.13M.
- Technical analysis: Support at ₹1075, resistance at ₹1215.
- Risk factors: Market volatility, regulatory changes, client/relationship manager attrition, operational issues, and credit risk.
- Buy : above ₹1145.
- Target price: ₹1130.
- Stop loss: ₹1175.
CUMMINS (Cmp ₹4375.70)
CUMMINS: Buy above ₹4380, stop ₹4335 target ₹4450 (Intraday)
- Why it’s recommended: Cummins Ltd. is the Indian subsidiary of the American multinational corporation Cummins Inc., a global leader in power solutions. The stock has been on a sharp rise since October and every dip into the TS & KS region has found some steady buying interest. With all engineering stocks showing some strong upward traction after spending time between TS & KS , we could now see some upward drive in the next few days. A strong closing seen yesterday can lead to a run in today’s session. Go long.
- Key metrics:
- P/E: 53.79,
- 52-week high: ₹4494.40,
- volume: 941.18K.
- Technical analysis: Support at ₹5575, resistance at ₹6150.
- Risk factors: Compliance, supply chain disruption Regulatory Risks and Intense Competition.
- Buy : above ₹4380.
- Target price: ₹4450.
- Stop loss: ₹4335.
Stock Market Recap
On Thursday, Indian equities extended their upward momentum for a second straight session, with the Nifty nearing record territory amid global optimism and sectoral resilience.
The Nifty 50 surged past the 26,200 mark during intraday trade, buoyed by upbeat global cues and sustained institutional buying, before settling at 26,192.15, up 139.50 points (0.54%). The Sensex climbed 446.21 points (0.52%) to close at 85,632.68, supported by gains in banking and energy stocks. The Nifty Bank index notched its fourth consecutive record high, peaking at 59,440.10 and ending at 59,347.70, up 0.22%.
However, broader markets underperformed, with the BSE Midcap and Smallcap indices closing marginally lower, reflecting selective participation. Market sentiment remained upbeat on hopes of a potential India–US trade agreement and strong global tech earnings, particularly from Nvidia, which lifted investor confidence. Despite mixed cues from global peers, domestic momentum remained intact, keeping the benchmark indices on a bullish trajectory.
Outlook for Trading
In the last issue, we mentioned that all the efforts to move above 26100 are in the making, as the resistance zone highlighted on the charts clearly identifies the possibility of further upward traction. The strong follow-through that emerged on Sensex expiry created a much-wanted situation , a situation where the bulls are completely in charge. We have been speaking of a buy on dip scenario and the dips that emerged in the last few weeks were clearly bought into. Looking at the possibility of further rise in store one needs to consider every opportunity to initiate a buy.
Moving to the technical setup we note that the Nifty is hesitating at 26000 which was an important level mentioned yesterday and marked on the charts. The closing above this now pushes the Nifty into a firmer territory where the bullish camp will now stay alert stock to a in the last weeks letter and this should be considered as a sign of caution as we move into an event driven week.
The value area resistance highlighted in the last report will now turn into a support zone to assist Nifty to stage a rebound in the hunt. For traders the Nifty is still poised to go beyond the September 2024 high while the Sensex and Bank Nifty are operating at an all-time high.
Further, cues from the Option Data is now standing at an interesting point that is hinting at the Nifty is now reaching an overbought situation and one should also factor in a dip buy zone to buy into.
Based on the OI charts, support is emerging around 26000 which is an important psychological level to watch out for. Further, the Max Pain has also now move to this level of 26000 hinting at a possible upward march. In line with yesterday’s discussion, the Nifty is now moving in line with the expectation of flashing a new high. The buy on every dip level can be now revised to 25900-26000 to explore the bullish side of the markets now.
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.