Stocks to buy: Nagaraj Shetti recommends IFCI, Five-Star Business Finance shares to buy in the short-term
Indian benchmark indices Sensex and Nifty 50 traded higher as easing crude oil prices boosted investor sentiment. Nifty rose 0.50% to 24,127.15 and Sensex gained 0.48% to 77,294.46 amid positive US-Iran negotiations and a drop in Brent crude prices below $71 per barrel.
Stock market today: Indian benchmark indices Sensex and Nifty 50 traded higher on Thursday, 2 July, buoyed by easing crude oil prices after Qatar said the US and Iran had made "positive progress" during indirect talks held in Doha.
At 12:37 IST, the Nifty 50 rose 0.50% to 24,127.15, while the BSE Sensex gained 0.48% to 77,294.46.
According to a Reuters report, US and Iranian negotiators held two days of indirect discussions in Doha, with talks centred on ensuring safe maritime traffic through the Strait of Hormuz and the release of Iran's frozen assets under the initial framework agreement.
Qatar's Foreign Ministry said the next round of negotiations will be scheduled after the funeral ceremonies of Iran's late Supreme Leader Ayatollah Ali Khamenei, who is set to be buried on 9 July. Meanwhile, Brent crude slipped below $71 per barrel, lifting sentiment in oil-importing economies such as India.
Market Views - Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
Nifty 50
The bounce back continued in the market for the second consecutive sessions so far today and Nifty 50 is currently trading higher by 72 points. Nifty 50 is moving within a broader high-low range of 24,200-23,800 levels. Having bounced back from near the lower range of 23,800 on Wednesday, Nifty 50 is expected move towards the upper range of 24,200-24,300 levels in the near term. Immediate supports to be watched at 23,800-23,750 levels.
Buy IFCI at ₹77.75; Target ₹82; Stop-loss ₹75.50; Timeframe: 1 week
The downward correction in IFCI share price seems to have completed. The stock has bounced back after forming a crucial bottom reversal pattern at the trend line support around ₹74 levels. Bullish pattern like higher tops and bottoms is intact and the stock price is in the formation of new higher bottom reversal.
Buy Five-Star Business Finance at ₹545; Target ₹575; Stoploss ₹527; Timeframe: 1 week
Five-Star Business Finance share price has witnessed a sharp bounce back recently after forming a new higher bottom. The stock has also surpassed the crucial 200day EMA and is currently trading higher. Volume pattern 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.
About the Author
Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players. <br><br> At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors. <br><br> Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation. <br><br> Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content.
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