Stocks to buy: Nagaraj Shetti recommends Bajaj Auto, Epigral shares to buy in the short-term

Stock market news: Indian benchmark indices extended their losing streak on Thursday, as escalating geopolitical tensions in the Middle East pushed crude oil prices above $96 a barrel, dampening investor sentiment and triggering broad-based selling.

Fresh US strikes on Iran, coupled with attacks by Yemen's Houthi rebels on oil tankers in the Red Sea, intensified concerns over global energy supplies, weighing on risk appetite across markets.

Higher crude oil prices remain a key concern for India, the world's third-largest importer and consumer of crude oil, as they could fuel inflation, widen the trade deficit, pressure corporate margins, and slow economic growth.

Investor sentiment was also hit by weak quarterly earnings, with Dr Reddy's Laboratories and HPCL falling around 3% each after reporting disappointing June-quarter results.

By 12:20 IST, the Nifty 50 was down 0.27% at 23,931 . 10, while the BSE Sensex declined 0.24% to 76,572.90. Both benchmark indices were on track for their fourth consecutive session of losses, having fallen 1.7% and 2.2%, respectively, during the ongoing losing streak.

Nifty 50 continued to slide down so far today on the worries of the Middle-East conflict, rising international crude oil prices and depreciation of INR against USD. Nifty 50 is currently trading lower by 30 points.

The market is nearing an immediate support of 23,800 and recovery is expected from near the supports in the mid to later part of today’s session. On the contrary side, if this support breaks on the downside in short term, then the next crucial support could come around 23,650 levels (ascending trend line and significant opening upside gap of 15 June). Immediate resistance is placed at 24,000 levels.

Bajaj Auto share price has been in a sharp uptrend over the last one week. The larger degree bullish chart pattern like higher tops and bottoms is visible on the charts. Volume has expanded during breakout in the stock price and daily/weekly RSI shows positive indication.

Epigral share price has witnessed an important bottom reversal recently from the lows. The stock price has bounced back since then and moved up as per bullish pattern like higher tops and bottoms. We observe a decisive breakout of down sloping trend line on the weekly timeframe chart. Volume pattern and RSI shows positive indication.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.

Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players. <br><br> At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors. <br><br> Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation. <br><br> Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPO...