New Delhi: Oil marketing stocks were in the limelight on Thursday due to a fall in Brent crude prices after US inventories expanded and disagreements within OPEC+ forced the group to delay its upcoming meeting, said Siddharth Khemka, head of retail research at Motilal Oswal Financial Services.
Sugar stocks also witnessed fresh buying due to improved domestic demand. Two-wheeler stocks such as Hero MotoCorp, Bajaj Auto and TVS Motors were also in focus amid strong sales growth witnessed during the festive season and rising growth forecasts from rating agencies, Khemka said.
The secondary market saw a range-bound move, while the primary market saw higher action.
“We see strong response to the IPOs that opened this week with IREDA oversubscribed 36x, while Tata Technologies and Gandhar Oil oversubscribed 13x so far,” he said.
Overall, the market is likely to trade sideways in the near term with stock-specific moves in the broader space, he said.
The Nifty was range-bound while facing resistance around 19,850, said Rupak Dey, senior technical analyst at LKP Securities.
On the hourly chart, an ascending triangle is forming, suggesting a potential upside breakout. Sentiment is expected to remain sideways as long as it remains above 19,700. However, a dip below 19,700 could put downward pressure on the Nifty, he said.
Resistance at the higher end is established at 19,850; A significant move beyond this level could trigger a rally towards 20,200 in the short term, he added.
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