Indian markets remain under pressure as the Nifty slips below 24,200 amid rising crude oil costs. With the index forming a series of lower highs, analysts at Motilal Oswal Financial Services have pointed to HAL, Samvardhana Motherson, and Sona Comstar as potential stocks to watch due to their specific technical momentum.
The Indian equity market continues to face selling pressure, with the Nifty 50 index closing at 24,154.90. This finish below the 24,200 level is being closely watched by market analysts, as it marks a period of consolidation and hesitation among investors. The broader market sentiment is currently impacted by global headwinds, specifically Brent crude oil prices climbing past $90 per barrel and ongoing geopolitical tensions in West Asia, which can create uncertainty for local industries and inflationary pressures.
The technical structure of the Nifty has become a point of concern. For eleven consecutive sessions, the index has been recording lower highs, which is often interpreted by traders as a sign of weakening momentum. The index is now navigating a narrow range, and analysts suggest that failing to reclaim and hold above the 24,200 mark could keep the index vulnerable, with potential support levels located near 24,000 and 23,900.
Technical Setups in Focus
Amid the broader market weakness, Motilal Oswal Financial Services (MOFSL) has identified three stocks that appear to be showing resilience and interesting technical patterns. Investors often monitor these specific setups to see if a stock can decouple from the wider market trend.
Hindustan Aeronautics Limited (HAL) is drawing attention due to its structural consistency. The stock has maintained a higher high pattern over the last seven weeks. Analysts are monitoring the ₹5,160 level, as a breakout from its recent 60-week consolidation could suggest renewed momentum for the defense major.
Samvardhana Motherson is another stock highlighted for its technical strength. The auto ancillary company is trading near its all-time highs. Analysts are observing a potential pole-and-flag pattern, with the stock showing signs of strength above the ₹172 level. Continued buying interest on market dips suggests that the stock is currently reacting more to its sector-specific demand than to the broader market index.
Sona Comstar is also being tracked for its resilience. Currently trading near the ₹824 level, the stock is being monitored for a potential breakout above ₹840, which would mark a new all-time high. Unlike many stocks that have corrected alongside the Nifty, Sona Comstar has maintained an upward trend, suggesting that buyers remain active in this segment.
Risks and Investor Monitorables
While these technical setups are being highlighted, investors must consider the risks involved. Technical strength can be tested if the broader market experiences a sharp downturn. Furthermore, rising crude oil prices present a specific challenge for auto and auto-ancillary companies like Motherson and Sona Comstar, as higher input costs can put pressure on profit margins. For HAL, the key will be the execution of its order book and maintaining production timelines. Investors should continue to watch the 24,200 resistance level for the Nifty, as sustaining above it will be the primary condition for any potential recovery in the near term.