Axis Securities Analyst Recommends NBCC, Lupin, and RBL Bank Stocks for Purchase on May 8
Stock Market Today: Indian Equities Display Resilience Amid Volatility
The domestic benchmark indices, the Nifty 50 and BSE Sensex, opened lower on Friday, 8 May, due to rising crude oil prices and renewed tensions between the US and Iran, which weighed on investor sentiment. As of 10:21 IST, the Nifty 50 declined 0.47% to 24,213.40, while the Sensex fell 0.51% to 77,448.45.
Market Performance
| Index | Previous Close | Current Close | Change |
|---|---|---|---|
| Nifty 50 | 24,250.35 | 24,213.40 | -0.47% |
| BSE Sensex | 77,499.95 | 77,448.45 | -0.51% |
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
Selling pressure was broad-based, with 12 of the 16 major sectoral indices trading in the red. However, broader markets remained relatively resilient, with the midcap and smallcap indices gaining 0.1% and 0.2%, respectively. Asian markets also came under pressure, falling around 1.3%, after Brent crude climbed back above $100 per barrel.
Oil Prices
Oil prices rebounded after the US and Iran exchanged fire on Thursday, marking the most serious escalation since the month-long ceasefire began. Brent crude prices have increased significantly, reaching above $100 per barrel.
Market experts said Indian equities continue to display resilience amid volatility, supported by sustained buying interest in broader market pockets such as midcaps, defence, capital goods, and power stocks.
Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline
Stocks to Buy Today
NBCC (India) Ltd
The stock has surpassed the "multiple resistance zone" of 96 on a closing basis, accompanied by huge volumes indicating a strong comeback of bulls. The 20- and 50-day simple moving average (SMA) positive crossover reconfirms the bullish trend. The daily and weekly Relative Strength Index (RSI) is in favourable territory, indicating rising strength across all time frames.
- Expected Upside: 103-106
- Downside Support Zone: 95-91 levels
Lupin Ltd
The stock decisively surpassed the "multiple resistance" zone of 2390 on a closing basis, accompanied by huge volume, indicating a resumption of the prior uptrend. The stock is well placed above its 20, 50, 100, and 200-day simple moving averages (SMAs). These averages are also inching up with the price rise, which reconfirms bullish sentiment.
- Expected Upside: 2550-2700
- Downside Support Zone: 2430-2400 levels
RBL Bank Ltd
The stock is in a strong uptrend, forming a series of higher tops and bottoms, which indicates sustained upward momentum. The stock is well placed above its 20, 50, 100, and 200-day simple moving averages (SMAs). These averages are also inching up with the price rise, which reconfirms bullish sentiment.
- Expected Upside: 360-385
- Downside Support Zone: 335-328 levels
Investor Takeaway
Investors should consider purchasing stocks in NBCC, Lupin, and RBL Bank despite the current market volatility.
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