Stock market news: The Indian stock markets are closed for trading on Thursday, January 15 as a result of the municipal corporation elections taking place in Maharashtra.
Trading has been suspended across both primary stock exchanges, including the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), due to polling day.
Market participants are advised that trading activities in the equity segment will resume on Friday after the one-day closure. The holiday has been observed for all segments on the NSE and BSE for that day.
In the meantime, the commodity market will operate on a limited schedule. Trading in commodities has been closed during the morning session and is set to resume after 5 PM, allowing market participants to engage in trading during the evening session.
The domestic benchmark indices Sensex and Nifty 50 fell on Wednesday, continuing their losses from the previous day, due to weakness in IT, consumer sectors, and select blue-chip banking stocks amid rising geopolitical tensions.
Furthermore, ongoing foreign fund outflows and new uncertainties regarding tariffs further unsettled investors, according to traders. The Sensex decreased by 244.98 points, or 0.29%, closing at 83,382.71. The Nifty 50 dropped 66.70 points, or 0.26%, to end at 25,665.60.
Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One
Subdued closure ahead of the mid-week holiday
The Indian equity markets started the session on a negative to flat note, accompanied by some choppiness in the initial half. Though amid the tug of war, the bears gradually took control and dragged the index towards 100 DEMA. Eventually, the Nifty 50 index concluded the session with a mere cut of 0.26 percent, a tad below 25,670 zone.
The market participant appears hesitant ahead of the mid-week holiday, as well as regarding the US Supreme Court ruling on tariffs, which is likely to provide a fresh trigger for our markets. From a technical standpoint, the benchmark index has concluded the trading day at a significant support level of 100 DEMA, indicating a crucial juncture for potential market movement and any aberrations originating from global markets may influence the development of a new trend.
In terms of support levels, the next critical threshold is identified in the 25,500-25,450 range, which is expected to cushion any shortcomings. Conversely, the intermediate resistance level is established around 25800, followed by a higher resistance zone between 25,900 and 25,950 (conjuncture of 50 and 20 DEMA). Careful observation of these levels will be essential for informing future strategic decisions.
Moving forward, it is imperative to remain attentive to developments regarding tariff concerns, as these are expected to be the most significant catalysts shaping market trends. Furthermore, domestic earnings reports will likely present opportunities for advancements in stock-related activities.
Stocks To Buy on Thursday- Osho Krishan
On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks – Eternal, and Punjab National Bank (PNB).
Eternal Limited
Eternal share price has shown a rebound from the 280 subzone in recent sessions, coinciding with the 200-day SMA, which indicates the onset of a counter-trend. From a technical perspective, the MACD histogram has shown buying momentum, resulting in a positive crossover. Furthermore, the runaway gap, followed by a strong buying emergence above the 20 DEMA, suggests that upward momentum is likely to continue in the near future.
Hence, we recommend a BUY in Eternal shares around ₹295-290 with a Stop Loss of ₹280 and a target of ₹312-315.
Punjab National Bank (PNB)
PNB is currently in a sustained upward trend, consistently above its significant exponential moving averages (EMAs) and exhibiting higher highs. The technical indicators are in strong alignment with the prevailing price momentum, and the present rounding formation signifies a robust base formation for the stock.
Hence, we recommend a BUY in PNB shares around ₹125 with a Stop Loss of ₹116 and a target of ₹137-140.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
