Stocks to Buy: Analyst Nagaraj Shetti Recommends Anant Raj, Rico Auto Shares for Short-Term Gains

Stock Market Today: Flat Trading Amid Easing Crude Oil Prices

The domestic benchmark indices, the Nifty 50 and BSE Sensex, traded largely flat on Thursday, May 7, as easing crude oil prices helped offset profit-taking following the sharp rally in the previous session. As of 13:52 IST, the Nifty 50 was up 0.07% at 24,355.8, while the Sensex edged 0.04% higher to 78,009.74.

The Nifty 50 had surged around 1.2% in the previous session and fluctuated between gains of 0.4% and losses of 0.2% in early trade on Thursday. Asian markets also traded higher amid reports that the US and Iran were moving toward a potential agreement to end the conflict, triggering a sharp correction in global crude oil prices.

Brent crude, which had declined 7.8% in the previous session, hovered near the $102 per barrel mark during early Asian trading hours on Thursday. Lower crude oil prices are viewed positively for India, the world's third-largest crude importer, as they help ease inflationary pressures, support economic growth, and improve corporate earnings outlook.

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Market analysts are optimistic about the Nifty 50's prospects, with some expecting it to surge higher in the near term. The Nifty 50 has shifted into a consolidation phase with positive bias so far on Thursday and is currently trading higher by 37 points. This is a positive indication, and one may expect the Nifty 50 to surpass another resistance level around 24,400 in the coming days.

Market Views - Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities, has identified a few stocks with positive bias. Anant Raj share price has witnessed a sharp upmove this week, breaking above the crucial down-sloping trend line on the weekly chart at the ₹500-510 levels. The stock is currently trading higher, with a bullish chart pattern, higher tops and bottoms in the weekly timeframe, and positive daily/weekly RSI and volume patterns.

Similarly, Rico Auto Industries share price has broken out of its consolidation so far on Thursday and is currently trading higher. A bullish chart pattern, such as higher tops and bottoms, remains intact on the weekly chart. Daily/weekly RSI and volume patterns are indicating a positive bias for the stock price ahead.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline