Stock Market Highlights: Nifty forms bullish engulfing candle. What traders should do on Thursday

Stock Market View: Prashanth Tapse, Senior VP (Research), Mehta Equities

As investors navigate Dalal Street, the stock market sentiment remains cautious due to weaker-than-expected Wall Street cues, primarily driven by US inflation readings exceeding economists’ forecasts. While uncertainties loom, opportunities emerge with the addition of five new stocks to the MSCI Global Standard Index. Nifty is expected to trade within the 21,000-22,500 range, with Reliance Industries marking a significant milestone. Preferred trades include buying Nifty in the 21,550-21,600 zone and Bank Nifty in the 44,450-44,500 zone, while bullish prospects are identified for ADANI PORT, ADANI ENTERPRISES, SIEMENS, and LTTS. Our top pick remains ZOMATO, with targets at 169/187 and aggressive targets at 201, with a stop loss below 97, and a holding period of 12-15 months.