Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, finished lower on Thursday, influenced by rate-sensitive auto and consumer sectors as caution prevailed just before the Reserve Bank of India‘s (RBI) rate decision.

The Nifty 50 fell by 0.39% to 23,603.35, while the Sensex decreased by 0.27% to 78,058.16. Both indices started the day approximately 0.3% higher after posting slight losses on Wednesday, with market sentiment remaining neutral ahead of the RBI’s anticipated first interest rate cut in nearly five years.

Market analysts pointed out that attention is currently on today’s RBI monetary policy committee meeting, where there is anticipation of a 25-basis point reduction in the repo rate along with further non-rate measures aimed at improving domestic liquidity and stabilizing the rupee.

The Nifty Bank index saw slight gains, reflecting a positive sentiment regarding the expected rate cut. Among various sectors, the Pharma, IT, and Private Bank indices finished in the green, while the Realty, Consumer Durables, and FMCG sectors experienced the most significant selling pressure.

Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities

Nifty 50

After showing weakness from the highs on Wednesday, Nifty 50 continued to slide down amidst range movement so far Thursday and is currently trading lower by 115 points. The overhead resistance of down sloping trend line seems weighed high on the market around 23,800 resulted in a short-term weakness. The overall near-term trend of Nifty 50 remains positive and present weakness could be a buy on dips opportunity. Immediate support is placed at 23,500 levels.

Technical Picks: Stocks to buy in the near-term

Nagaraj Shetti of HDFC Securities recommends these two stocks this week – Graphite India Ltd, and Hindustan Oil Exploration Company Ltd.

1. Buy Graphite India Ltd at ₹510.50, with a target of ₹535, and stoploss of ₹495, Timeframe 1 week.

2. Buy Hindustan Oil Exploration Company Ltd at ₹211, with a target of ₹222and a stop loss of ₹205. The Timeframe is one week.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.