Indian Stocks Decline Amid Crude Oil Price Surge, Geopolitical Tensions

The Indian stock market continued to struggle on Thursday, with both the Nifty 50 and BSE Sensex declining around 1% from Monday's close. Elevated crude oil prices and increasing retail inflation impacted investor sentiment, while Reliance Industries faced a decline due to MSCI index adjustments amid ongoing geopolitical tensions.

Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities, observed that the downside momentum continued in the market amidst concerns over rising international crude oil prices and the depreciation of the INR against USD. The Nifty 50 closed lower amidst volatility, but a small negative candle with a long lower shadow was formed on the daily chart, indicating a bullish hammer type candle pattern.

Shetti recommended buying Hindustan Copper at ₹549, targeting ₹595, and setting a stoploss of ₹520 for a timeframe of 1-2 weeks. He also suggested purchasing Bank of Maharashtra at ₹81.90, with a target of ₹88.50 and a stoploss of ₹78.