Stock market today: Key Nifty levels to watch; intraday trading views on Tata Steel, Voltas & JFSL

Indian benchmark indices continued to rise for the second straight session on Thursday amid positive global cues and weakness in the dollar index and crude oil prices. BSE Sensex jumped 609.86 points, or 0.83 per cent, to end the session at 74,340.09. NSE's Nifty50 gained 207.40 points, or 0.93 per cent, to settle at 22,544.70 for the day.

The Nifty continues to rise, filling the recent gap on the daily chart. The RSI is recovering from a historical low and is in a bullish crossover, said Rupak De, Senior Technical Analyst at LKP Securities. "In the short term, the sentiment appears to favor the bulls. The index may move towards 23,750–23,800. The sentiment is likely to remain strong unless the Nifty falls below 22,300," he said.

Some buzzing stocks including Tata Steel Ltd, Jio Financial Services Ltd and Voltas Ltd are likely to remain under the spotlight of traders for the session today. Here is what Aashish Shetty, Research Analyst- Technical at Axis Securities has to say about these stocks ahead of Friday's trading session:

Tata Steel | Breakout above Rs 157

Tata Steel has been trading within a parallel downward channel since reaching its all-time high in June 2024. The recent rebound from the Rs 125 level, which aligns with the channel's lower boundary, indicates a potential shift in momentum. If the stock sustains its upward trajectory and breaks above the Rs 157 level, it could pave the way for a continued rally, potentially reclaiming its previous all-time high. This outlook would be invalidated if the Rs 123 support level is breached, potentially leading to a further downside slide in the stock.

Jio Financial Services | Caution

Jio Financial Services is currently trading at its lowest levels since its listing and has underperformed relative to the broader market in recent times. Given the prevailing weakness, the stock will need to decisively break above the Rs 255 level for bullish momentum to build. Until then, the bears are likely to maintain control.

Voltas | Range-bound

Voltas has recently rebounded from the Rs 1,140 level, which previously acted as a resistance, signaling a potential shift in market sentiment due to this change in polarity. The stock is likely to trade sideways in the near term, with a bullish breakout expected only if it decisively breaches the Rs 1,430 level. Conversely, a break below Rs 1,140 could lead to further downside. Until either level is breached, a sideways movement is anticipated.