Market Update: Sensex and Nifty Dip; Osho Krishan Recommends Bharti Airtel and RIL for Thursday

 

The Indian stock market opened on a weak note Thursday, with both the Sensex and Nifty 50 showing declines. The fall was mainly driven by continued foreign institutional investor (FII) outflows and cautious investor sentiment ahead of the upcoming earnings season. The Sensex dropped 284.12 points, settling at 77,864.37, while the Nifty 50 fell by 86.8 points to 23,602.15.

 

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that FIIs had sold ₹10,419 crore worth of equities so far in January. With global economic factors like a strong dollar and rising bond yields, it’s expected that foreign investors will continue to sell, which could exert further pressure on the market.

 

As Q3 earnings season kicks off with TCS results today, market attention will focus on how the IT sector is performing, especially with the rupee's depreciation and a solid US economy providing support.

 

Nifty 50 Outlook

 

Osho Krishan, Senior Analyst at Angel One, highlighted that mid-cap and small-cap stocks led the market’s downturn, pushing the Nifty below 23,550 and testing the 23,500 level. However, the second half of the session saw a recovery, with the index closing relatively stable. Krishan noted a "Symmetrical Triangle" pattern forming, indicating a potential breakout in either direction. A break below 23,500 could lead to further declines, while a strong rally would need a close above 24,200.

 

Stocks to Buy: Bharti Airtel and Reliance Industries

 

For Thursday, Osho Krishan recommended two stocks: Bharti Airtel and Reliance Industries.

 

Bharti Airtel: The stock is in a consolidation phase and is likely preparing for a breakout. With strong technical indicators, the stock could see upward momentum. Krishan suggested buying Bharti Airtel between ₹1,600-1,590, with a stop loss at ₹1,560 and a target of ₹1,655-1,660.

 

Reliance Industries: Showing strong recovery from recent lows, Reliance Industries appears poised for a bullish trend. Krishan pointed to positive divergence in technical indicators, signaling strength. As the stock rises above key moving averages, it remains a solid pick for buyers.