On Wednesday, the Indian stock market celebrated its third consecutive day of gains, buoyed by robust buying activity in sectors such as realty, PSU banks, and consumer durables. The Nifty 50 index surged by 73 points, finishing the day at 22,907. Meanwhile, the BSE Sensex climbed by 147 points, closing at 75,449, and the Nifty Bank index experienced a remarkable rise of 388 points, reaching 49,702. Notably, the Nifty Midcap and Smallcap 100 indices outperformed their counterparts, boasting impressive gains of 2.63% and 2.43%, respectively. This marked the most significant single-session increase for the Nifty Midcap 100 index since June 5, 2024.
Market Performance Highlights
- Nifty 50: +73 points to 22,907
- BSE Sensex: +147 points to 75,449
- Nifty Bank: +388 points to 49,702
- Nifty Midcap 100: +2.63%
- Nifty Smallcap 100: +2.43%
- NSE Cash Market Volumes: Up by 16%
As the day concluded, advancing shares significantly outnumbered declining ones, resulting in a BSE advance-decline ratio of 2.92.
Market Outlook from Experts
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, maintains a positive outlook for the Indian stock market. However, she notes that the Nifty 50 is encountering resistance in the 22,900 to 22,950 range. A decisive breakout above this zone, especially surpassing the psychological threshold of 23,000, could pave the way for the index to surge toward 23,800.
Reflecting on the Nifty’s recent performance, Parekh stated, “The Nifty 50 has shown a consistent upward trend but faced resistance near 22,950. Ending near 22,900 suggests improving sentiment and a potential for further gains. To trigger a significant breakout, it must clear the 23,000 hurdle, which could lead to targets of 23,800 and 24,200.”
Bank Nifty Performance
The Bank Nifty index continued its strong momentum, decisively crossing the 50-EMA zone at 49,250. Parekh anticipates the index could target 50,900 (200-period MA) and 51,800 in the coming days, thanks to the support from leading banking stocks.
For today’s trading session, Parekh identifies key levels for the Nifty: support at 22,800 and resistance at 23,200. The Bank Nifty is expected to range between 49,300 and 50,500.
Top Stock Picks for the Day
If you’re looking to buy stocks today, Parekh recommends considering three promising options:
- Sona Blw Precision Forgings: Buy at ₹512, target ₹530, stop loss ₹505.
- Container Corporation of India (CONCOR): Buy at ₹685, target ₹705, stop loss ₹672.
- Anant Raj: Buy at ₹525, target ₹560, stop loss ₹505.
With market conditions favoring a bullish outlook, investors are encouraged to monitor these stocks closely.
