Stocks to buy—10 February: MarketSmith India recommends two stocks for today
Subscribe to enjoy similar stories. The Nifty 50 closed 43 points lower at 23,559.95 on Friday amid market volatility following the Reserve Bank of India’s (RBI) decision to cut the repo rate by 25 basis points—the first reduction in nearly five years. Despite the widely expected rate cut to 6.25% and the central bank’s ‘neutral’ stance, investor sentiment remained subdued.
The RBI also set its FY26 GDP growth target at 6.7% and projected FY25 inflation at 4.8%. Nifty 50 had opened flat at 23,249.50 on Friday and fluctuated between gains and losses, trading within a range of 23,440–23,700. It formed a third consecutive bearish candle on the daily chart, indicating a lower high, lower low price structure.
Read this | SBI struggles with margin squeeze, but there’s solace in asset quality Sectorally, only Metal, Auto, and Pharma posted gains, while all other major indices closed flat to negative. The market breadth favored decliners, with the advance-decline ratio settling at 1:2. Despite Friday’s decline, Nifty 50 closed positive for the second consecutive week, forming a bullish candle with a higher high, higher low structure on the weekly chart.
However, the index is facing strong resistance around its 50-day moving average (DMA) and a downward sloping trendline connecting the highs of September 2024 and December 2024. The 14-day Relative Strength Index (RSI) remains sideways around 52. The MACD (Moving Average Convergence Divergence) indicator has turned positive but remains below its central line.
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