Weak Start On Dalal Street, Nifty Slips Below 25,400 Adani Stocks Rally

Weak start for Indian equity markets, with the Nifty index slipping below the 25,400 mark.

At 09:50 a.m. IST, the Nifty 50 traded 87 points lower at 25,336, while the Sensex was down 325 points at 82,688. Broader markets outperformed, with the Nifty Midcap and Smallcap indices trading 0.2% higher.

The retail sentiment on Stocktwits for Nifty has moved from 'bullish' to 'neutral' at market open. 

Stock Watch

Sectorally, it's a mixed bag with pharmaceuticals and PSU banks clocking another day of gains. On the other hand, technology reels under pressure. 

Adani Group stocks opened with strong gains on the back of a clean chit from the market regulator in the stock manipulation case initiated by US-based short-seller Hindenburg Research. Adani Power surged 6%, Adani Enterprises rose 4% and Adani Ports gained 2%.

Hind Rectifiers surged 5% as the company strengthened its European presence with the acquisition of France-based BeLink Solutions. 

JSW Energy gained 2% on news that its subsidiary will acquire Tidong Power Generation for ₹1,728 crore.

Vodafone India gained 2% ahead of the Supreme Court's scheduled hearing on the AGR case today. 

Texmaco shares gained 3% on securing an ₹86.85 crore order from UltraTech Cement. John Cockerill India rose 4% on a major contract win from Tata Steel.

One Mobikwik fell nearly 2% after it reported a technical glitch that led to unauthorized merchant payouts in Haryana.

Unichem fell by over 2% as the European Commission has demanded €19.5 million from Unichem in the Perindopril drug matter.

Stock Calls

Analyst Vinayak Gautam shared three stock recommendations for Friday with a 1-week timeframe:

Graphite India: Buy at ₹565, with a target price of ₹590, and stop loss at ₹555

Bharat Dynamics: Buy at ₹1,610, with a target price of ₹1,645, and stop loss at ₹1,590

Vedanta: Buy at ₹455, with a target price of ₹471, and stop loss at ₹448

Analyst Wealth Guru recommended buying GMDC for target prices of ₹590, ₹620 and ₹660, with a stop loss at ₹540.

Markets: The Road Ahead

From a technical standpoint, SEBI-registered analysts on Stocktwits shared the trade setup. 

Ashish Kyal noted that the Nifty index has continued to protect its prior day's low over 14 sessions now on a closing basis. If the index closes above 25,450 on a 15-minute timeframe, it will take the prices to 25,540 or higher, with support near 25,330. Consolidation is likely in the markets, he added.

Sameer Pande pegged significant resistance around 25,550, which, if breached, could take the index to 25,670. On the downside, support is seen at 25,240 and 25,150.

Global Cues

Globally, Asian markets traded mixed, while crude oil prices held steady. 

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