Stocks to buy: Nagaraj Shetti recommends Aether Industries, Supreme Industries shares to buy in the short-term

Stock market news: The Indian stock market opened flat on Thursday, 30 July, as investors assessed the outcome of the US Federal Reserve’s policy meeting, where the central bank kept interest rates unchanged as expected. However, comments from Fed Chair Kevin Warsh highlighting a continued commitment to controlling inflation left markets seeking further clarity on the future path of monetary policy.

Asian markets traded volatily after US equities and the dollar declined overnight following the Fed decision, which saw three members of the 12-member rate-setting committee dissent. Reports noted that no Fed Chair since the 1970s has faced such a high level of dissent this early in their tenure.

At 9:15 IST, the Nifty 50 was largely unchanged at 24,249.55, while the BSE Sensex slipped 0.02% to 77,638.86.

Sectoral performance remained subdued, with 11 of the 16 major sectoral indices opening in negative territory. The broader mid-cap and small-cap indices declined 0.3% each.

Meanwhile, Brent crude oil prices eased 1.4% to around $90 per barrel after surging 7.9% in the previous session, keeping investor focus on geopolitical risks and inflation concerns.

Market Views - Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities

Nifty 50

After showing a consolidation at the hurdle on Tuesday, Nifty 50 witnessed an excellent breakout on Wednesday and closed the day up 265 points.

A long bull candle was formed on the daily chart with a gap-up opening. The opening upside gap remains unfilled. In the last four sessions, the we observe a formation of two unfilled opening upside gaps, which indicates strength in the recent bounce back.

Nifty 50 has surpassed the crucial overhead resistance around 24,000 and 24,200 levels and closed higher. The next upside targets to be watched are around the 24,500-24,600 levels in the short term. Immediate support to be watched at the 24,100 level.

Buy Aether Industries at ₹1,490; Target ₹1,610; Stoploss ₹1,420; Timeframe 1 week

The downward correction of the last few weeks seems to be over. The stock price is now placed at the edge of decisive upside breakout of the rangebound action. The larger degree bullish pattern like higher highs and lows is intact. Volume pattern and RSI shows positive indication.

Buy Supreme Industries at ₹3,480; Target ₹3,760; Stoploss ₹3,330; Timeframe 1 week

The consolidation movement of the last couple of weeks is nearing to an end. The stock price is on the edge of decisive breakout of the crucial hurdle like down sloping trend line around ₹3500-3520 levels. The volume has started to expand during upside breakout in the stock price and daily RSI shows positive indication.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.