Investment Expert Recommends Buying Glenmark Pharma, Polycab India, Karnataka Bank Shares

Domestic Indices Decline Amid US-Israeli Conflict and Energy Supply Disruption Concerns

Market Update

The Nifty 50 and Sensex indices started the day on a negative note on Friday, primarily due to declines in major financial stocks. The overall risk sentiment remained weak amid the intensifying US-Israeli conflict involving Iran. This situation has raised concerns about a potential widespread energy supply disruption that could lead to an increase in crude oil prices, reignite inflation concerns, and obscure the global growth outlook.

Market Performance

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As of 9:15 IST, the Nifty 50 had dropped by 0.44% to 24,656.4, while the BSE Sensex decreased by 0.45% to 79,658.99. Thirteen out of the sixteen major sectors reported losses. The broader small-cap and mid-cap indices declined by 0.1% and 0.2%, respectively.

Global Market Trends

Asian stocks edged down, while Wall Street ended the day in the red. The US dollar strengthened as tensions escalated among the United States, Israel, and Iran. Brent crude surged nearly 5% to reach a 20-month peak of $86.28 per barrel on Thursday and was priced at $84.4 as of 9:15 IST.

Stock Analysis

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• Glenmark Pharmaceuticals Ltd: The stock is trending higher, forming a series of higher tops and bottoms, indicating a positive bias. Current buying momentum stems from the 20-day SMA support zone, which remains a positive sign. Expected upside is 2,200-2,310, and downside support zone is 2,040-2,000 levels.
• Polycab India Ltd: The stock is in a strong uptrend across all time frames, forming a series of higher tops and bottoms. Expected upside is 9,000-9,170, and downside support zone is 8,200-8,000 levels.
• Karnataka Bank Ltd: The stock decisively surpassed the down-sloping trendline resistance zone at 208 level on a closing basis, accompanied by huge volume indicating increased participation. Expected upside is 220-235, and downside support zone is 208-200 levels.