Nifty Watch: Adani Impact, Market Trends, and 2 Hot Stocks to Buy Today

The Nifty50 continued to face selling pressure on Thursday due to global geopolitical concerns and bribery allegations involving Gautam Adani and Adani Group executives.

• Thursday’s Session Highlights:
  • Opened with a gap-down at 23,488.45.
  • Hit an intraday low of 23,263.15 before stabilizing.
  • Closed at 23,349.90, forming a bearish candle with a lower-high, lower-low pattern.
• Key Indicators:
  • RSI: Trending downward at 28, indicating oversold levels.
  • MACD: Negative crossover below the central line, signaling bearish momentum.
• Support Levels:
  • 50-WMA remains intact, providing immediate support.
  • A sustained drop below 23,263 could push the index down to 23,000, with further downside to 22,700 possible.
• Resistance Levels:
  • A bounce-back could retest 23,600, with potential for 23,800.

Nifty Bank Update

The Nifty Bank index showed signs of recovery after testing its 200-DMA:

• Thursday’s Session Highlights:
  • Opened flat, dropped to 49,787.10, but rebounded to close at 50,372.90.
  • Formed a hammer candlestick, indicating strong support at 200-DMA.
• Support Levels:
  • 49,400–49,700 to act as critical support.
  • A decisive break below 49,460 could trigger further weakness.
• Resistance Levels:
  • Potential for a rebound above 50,652, with upside to 51,000–51,500.

Stock Picks from MarketSmith India

1. KIMS (Krishna Institute of Medical Sciences)

• Current Price: ₹584
• Buy Zone: ₹570–585
• Profit Target: ₹692
• Stop Loss: ₹542
• Timeframe: 1–2 months
  Why Buy: Strong fundamentals and technical indicators suggest potential upside.

2. TAJGVK Hotels

• Current Price: ₹336.15
• Buy Zone: ₹330–340
• Profit Target: ₹408
• Stop Loss: ₹304
• Timeframe: 3–4 months
  Why Buy: The stock shows positive momentum and promising growth prospects.

Takeaway for Traders

Keep a close eye on key levels for both Nifty50 and Nifty Bank. While the market remains in a downtrend, short-term opportunities in select stocks like KIMS and TAJGVK could deliver significant returns.