Snapping a four-day losing streak, the Indian market closed in the green on Thursday. Benchmark indices gained more than half per cent each as Nifty50 closed near 16,500, while the Sensex added over 400 points amid volatility.  

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Benchmarks were supported by Nifty oil & gas that gained nearly two per cent on Thursday. Pharma, IT and healthcare were other top gainers. On Thursday, Nifty Metal and PSU Bank were the only sector indices to end in the red.  

In the broader market, Nifty midcap settled with 0.49% gains, while small cap rose 0.21% on Thursday. 

"The market continued to be dominated by a volatile global market with investors weighing the impact of the upcoming global central bank meetings. However, the domestic market reversed its losses during the closing hours due to positive movements in the US futures," said Vinod Nair, Head of Research at Geojit Financial Services. 

Meanwhile, certain stocks came in focus on Thursday. These stocks were TTML, IFB Industries and Oil India. TTML closed in ten per cent upper circuit, IFB Industries ended higher by nearly nine per cent and Oil India settled with six per cent gain on Thursday. 

Here is what Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan by BNP Paribas, recommend investors should do with these stocks. 

TTML 

The stock had a sharp fall from the beginning of April till mid-May. Post that the stock started a base formation process. In terms of the Fibonacci retracement, the stock formed a short-term base near the 78.6% retracement of March – April rally. Structurally, the base formation looks complete & the stock is set for a fresh rally. The daily momentum indicator is supporting the bullish stance. Thus, positional traders can initiate a fresh long position for targets of 150 & 165 

IFB Industries 

The stock has been witnessing consolidation for the last few weeks. In terms of the price patterns, it has formed a base triangle. Though the pattern is yet to give a breakout on the upside, the same looks around the corner. 850-830 has acted as a strong support zone, whereas the hurdle zone is placed at 930-945. Once this resistance is surpassed then the stock is expected to run up towards its 200 DMA, which is near 1050 

OIL India 

The stock formed a base for itself in the month of May near the junction of the 40 WEMA & the weekly lower Bollinger Band. Thereon, the stock moved up swiftly in the last couple of weeks. The rally is being supported by momentum indicators as well. Thus, the stock is on the course to test its all-time high of 318. Those who are riding the trend can continue to hold on to their position for the target of 318. However, at the current level, the risk reward is not in favor of initiating a fresh long position.