The Indian stock market displayed resilience on Wednesday, despite facing some selling pressure in the banking sector. Strong performances from IT, pharmaceutical, and automotive stocks propelled the Nifty 50 and BSE Sensex indices to impressive gains, with the Nifty closing 161 points higher at 24,328 and the Sensex rising 520 points to reach 80,116. However, the Bank Nifty index took a downturn, finishing 277 points lower at 55,370.
Stock Market Trends: A Mixed Bag
While midcap stocks enjoyed a notable uptick of over 1%, small-cap stocks struggled to keep pace with this upward momentum. The rally in Indian IT stocks was largely influenced by positive overnight trends in U.S. technology equities. Additionally, a shift in investor sentiment arose after U.S. President Donald Trump hinted at a more lenient approach to Chinese tariffs.
Expert Insights on Market Outlook
According to Siddhartha Khemka, Head of Research at Motilal Oswal, the outlook for the Indian stock market remains optimistic. He noted, "We anticipate that the upward trend will persist, driven by sustained buying interest and favorable domestic factors, while keeping an eye on developments regarding U.S. tariffs."
In terms of the Nifty 50, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, stated, "The underlying trend remains positive. Although we are experiencing some volatility at current levels, there is no indication of a reversal. The next resistance levels for the Nifty 50 are projected around 24,550 and 24,800, while immediate support is at 24,100."
Analyzing the Bank Nifty
On the other hand, Hrishikesh Yedve, AVP of Technical and Derivatives Research at Asit C. Mehta, pointed out a concerning trend for the Bank Nifty. He mentioned, "The daily chart has formed a significant bearish candle, suggesting potential weakness in the near term. Key resistance levels are between 56,000 and 56,100, with support at 54,470. Traders should be vigilant around these points for trading opportunities."
Top Stock Picks Under ₹100
For those looking to invest in stocks priced under ₹100, several experts have shared their recommendations for today. Here are six stocks to consider:
- GMR Airports: Buy at ₹87.80, Target ₹93, Stop Loss ₹85.
- Canara Bank: Buy at ₹99, Target ₹105, Stop Loss ₹95.
- IFCI: Buy at ₹45-₹46, Target ₹47.50, ₹49, ₹51, ₹54, Stop Loss ₹43.80.
- MMTC: Buy at ₹55-₹56, Target ₹57, ₹58.50, ₹60, ₹62, Stop Loss ₹53.70.
- Suzlon Energy: Buy on dips at ₹58.60, Target ₹65.20, Stop Loss ₹55.
- NFL: Buy at ₹88.50, Target ₹96, Stop Loss ₹84.
These selections from market analysts like Vaishali Parekh, Ganesh Dongre, Mahesh M Ojha, Sugandha Sachdeva, and Anshul Jain reflect a strategic approach for investors seeking growth opportunities in lower-priced stocks.
As the market continues to evolve, staying informed about potential trends and expert analyses can help investors make sound decisions.
