Stocks to buy: Nagaraj Shetti recommends LIC, RACL Geartech shares to buy in the short-term

Stock market news: Indian benchmark indices traded marginally higher on Thursday, as gains in information technology stocks offset weakness in select financial counters following their quarterly earnings. However, persistent geopolitical tensions in the Middle East continued to cap investor risk appetite.

The Nifty 50 rose 0.30% to 24,153, while the BSE Sensex advanced 0.38% to 77,478.49 at 11:58 IST.

Investor sentiment remained cautious after the United States carried out fresh strikes on Iran's coastal defence and missile sites following the reimposition of a naval blockade on Iranian ports. In response, Tehran warned it could further disrupt regional energy exports, describing the conflict as an "existential war" with Washington.

Meanwhile, Brent crude hovered around $85 per barrel, extending gains for a fourth consecutive session and keeping concerns over inflation and India's import bill in focus.

Market participants expect Indian equities to remain range-bound in the near term unless crude oil prices witness a sharp move. Analysts believe stock-specific action driven by the ongoing June-quarter earnings season, along with the progress of the southwest monsoon, will remain the key triggers for the market in the coming sessions.

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

Nifty 50

Nifty 50 continued to show choppy movement with positive bias so far today and is currently trading higher by 45 points. Nifty 50 has been hovering within a narrow high-low range of around 24,200-24,000 levels over the last few sessions. The present market action seems to be on the back of rising

Geo-Political tension, rising International Crude Oil prices and the recent depreciation of INR against USD. The overall trend of Nifty 50 is range-bound with positive bias. A sustainable move above the upper range of 24,200 could open a breakout in the market. However, immediate support is placed at 24,000, which is followed by 23,800 levels for the near term.

Buy Life Insurance Corporation of India (LIC) at ₹438, Target at ₹460, Stoploss at ₹425, Timeframe 1 week

LIC share price has been moving in a range bound action near the crucial hurdle. Expected to breakout sharply above the consolidation movement around ₹445-450 levels shortly. Daily and weekly RSI is showing positive indication.

Buy RACL Geartech at ₹1,354, Target at ₹1,422, Stoploss at ₹1,315, Timeframe 1 week

The sharp upmove in the RACL Geartech share price so far this week has placed near the breakout point of a larger consolidation pattern around ₹1425 levels. Bullish higher tops and bottoms is observed as per long term charts. Volume pattern and daily RSI is showing positive indication.

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