Indian Stock Market Update: Nifty Surges Ahead of Ram Navami Holiday
The domestic equity markets will be shut down on Thursday in celebration of Ram Navami, signifying a planned cessation of trading following a period of notable gains. Based on the stock market holiday calendar provided by the National Stock Exchange (NSE), today’s closure is among several upcoming breaks in the mid-year schedule, with the next holiday set for Mahavir Jayanti on March 31.
As the stock market experiences a rebound, investors’ wealth has increased by ₹15.80 lakh crore over two days, driven by a significant drop in crude oil prices and optimism regarding de-escalation in the West Asia conflict. Stock markets have witnessed an upswing over the last two trading sessions, with the BSE Sensex increasing by 2,577.06 points or 3.54%. On Wednesday, the 30-share BSE index surged by 1,205 points or 1.63%, closing at 75,273.45. Nifty 50 surged 394.05 points or 1.72 per cent to end at 23,306.45.
Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One
The Indian equity markets opened on a positive note, buoyed by upbeat global cues and hopes of de-escalation in the Middle East. The benchmark index commenced the session with a notable gap up and sustained its upward momentum, rallying nearly 550 points in intraday. However, profit booking towards the close trimmed some gains, with the Nifty 50 index eventually settling around the 23,300 mark, reflecting a robust 1.72% gain.
Overall, market sentiment remained optimistic, driven by a mix of global positivity and domestic investor confidence. The recent market rally ahead of the mid-week holiday underscores bullish enthusiasm, supported by favourable global cues. Broad-based participation reinforced market confidence, reflecting positive sentiment among investors. However, this advance should be interpreted primarily as a technical pullback rather than a structural trend reversal for the Nifty 50.
From a technical standpoint, the 14-day RSI has displayed a positive divergence, indicating an early attempt at recovery, yet caution remains warranted until the sequence of lower highs on the daily chart is decisively broken. On the levels front, the 23060-23000 zone is likely to serve as a strong near term cushion against any market weakness, while the key support is anchored around 22,500. On the upside, intermediate resistance is identified near 23,500-23,600, with the critical hurdle zone at 23,780-23,800 representing a decisive barrier that must be breached to negate the prevailing lower-high formation.
Stocks To Buy on Thursday- Osho Krishan
On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks – Kotak Mahindra Bank Ltd, and Emcure Pharmaceuticals Ltd.
Kotak Mahindra Bank has experienced significant corrections, with prices retreating to the bullish gap established in January 2025. Recent sessions indicate a firm rebound from oversold levels, reflecting renewed buying interest on the daily chart. Additionally, the 14-day RSI has formed a positive divergence, further supporting the potential for a bullish reversal. This technical configuration suggests that the stock is well-positioned to regain upward momentum in the near term, underpinned by strengthening momentum indicators.
Hence, we recommend a BUY in Kotak Mahindra Bank around ₹368-365 with a Stop Loss of ₹355 and a Target of ₹388-395.
Emcure Pharmaceuticals has demonstrated a consistent uptrend, forming higher highs and higher lows on all time frames. The stock recently broke out of a consolidation phase, advancing into uncharted terrain. Supporting this positive momentum, the RSI indicator has turned bullish, reinforced by a favourable crossover, signalling strengthened upward move. This alignment of technical factors indicates that the stock is well-positioned for a continuation of its upward trajectory in the near term, backed by robust momentum and sustained buying interest.
Hence, we recommend a BUY in Emcure Pharmaceuticals around at ₹1,590-1,580 with a Stop Loss of ₹1,520 and a Target of ₹1,680-1,700.
Indian Markets Today: What to Expect
Going ahead, traders should closely monitor developments in the Middle East, as they are likely to influence near-term market trends. Simultaneously, attention should be directed toward thematic stocks and sectoral movers, which may offer opportunities for outperformance in the current market environment, allowing participants to strategically navigate volatility while capitalizing on targeted growth segments.
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