Market Update

Domestic Benchmark Indices Decline

On Friday, the Nifty 50 and Sensex experienced a decline of approximately 1.1%, reaching 23,347.55 and 75,207.96, respectively. This marks the largest weekly decrease in approximately 15 months, driven by the intensifying conflict in the Middle East and high Brent crude prices.

Sectoral Performance

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Out of the 16 major sectors, 15 saw a downturn, while the broader small-cap and mid-cap indices fell by 1.8% and 1.5%, respectively. Major financial institutions, including banks and private banks, experienced a decline of approximately 1.5% each, while state-owned banks dropped by 2%.

Market Analysis

Market analysts linked the persistent downturn to ongoing selling by foreign portfolio investors (FPIs) and global market unpredictability stemming from the current crisis in West Asia.

Stock Picks

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Linde India Ltd

• Current Price: ₹7,200
• Expected Upside: ₹7,450-7,600
• Downside Support Zone: ₹7,000-6,800
• The stock has decisively surpassed the past ten months' resistance zone of ₹7,000, accompanied by huge volumes indicating a positive bias.

ACME Solar Holdings Ltd

• Current Price: ₹240
• Expected Upside: ₹255-265
• Downside Support Zone: ₹230-225
• The stock confirmed a "Cup & Handle" formation breakout at the ₹238 level, accompanied by huge volumes indicating a positive bias.

Ajanta Pharma Ltd

• Current Price: ₹3,115
• Expected Upside: ₹3,250-3,350
• Downside Support Zone: ₹3,040-3,000
• The stock has decisively surpassed the resistance zone of ₹3,050-3,070 levels, indicating a positive bias.