Indian Stock Market Report

Key Figures:

• Nifty 50 index: 24,450 (weekly loss: 2.90%)
• BSE Sensex: 78,918 (weekly loss: 3,330 or 4%)
• Bank Nifty index: 57,783 (weekly loss: 2,746 or 4.53%)

Market Outlook

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The Indian stock market remained volatile and under sustained selling pressure last week, driven by escalating global geopolitical uncertainties and skyrocketing crude oil prices. The Nifty 50 index finished at 24,450, logging a weekly loss of 2.90%. The BSE Sensex crashed from 82,248 to 78,918, recording a weekly loss of 3,330 or over 4%.

Crude Oil Prices

Crude oil prices surged sharply during the week, with Brent witnessing intraday spikes above the $90-95 range amid growing fears of prolonged supply disruptions. For India, the world's third-largest oil importer, the sharp rise in energy prices has intensified macroeconomic concerns, raising input costs for refiners, oil marketing companies, and energy-sensitive sectors such as transportation, power, and cement.

Stock Recommendations

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Sumeet Bagadia, Executive Director at Choice Broking, recommends buying the following three shares priced below ₹100:

1. NMDC: Buy at ₹79.79, Target ₹85, Stop Loss ₹77.35
2. Equitas Small Finance Bank: Buy at ₹59.69, Target ₹64, Stop Loss ₹57
3. SBFC: Buy at ₹93.96, Target ₹100, Stop Loss ₹90.50

Support and Resistance Levels

• Nifty 50 index: Immediate support is around 24,300-24,350, with resistance near 24,600-24,650.
• Bank Nifty index: Immediate support is around 57,400-57,500, with resistance near 58,000-58,100.