The Indian stock market faced a sideways session on Wednesday despite strong global sentiment regarding potential interest-rate cuts in the UK. The Nifty 50 index closed at 22,302, while the BSE Sensex dipped 45 points to finish at 73,466. Trade The Bank Nifty index experienced a correction of 264 points, closing at the 48,021 mark. The India VIX index ended the day at 17.08 after reaching a new 52-week high of 18.32. However, the broader market saw buying interest from Dalal Street bulls. The BSE small-cap index increased by 0.50%, while the mid-cap index rose by 0.78%.
Trade Setup for Thursday
On the outlook for Nifty 50, Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, highlighted that the index closed near the Trade support level of 22,100–22,200. If this support holds, an upward movement could be expected in the coming days. Nifty’s next resistance stands at 22,500-22,600.
Regarding Bank Nifty, there was profit booking observed on Wednesday, with resistance at 49,000 and support at 47,500.
As for the India VIX, Sumeet Bagadia, Trade Executive Director at Choice Broking, noted that the volatility index may decline to 14 to 12 if it falls below its current 17 level. However, the index faces a hurdle at 19, which, if breached, could see it reach 22 in the short term.
Buy or Sell Stock Ideas by Experts
Sumeet Bagadia’s Recommendations:
ABB India: Buy at ₹7,186.75 with a target of ₹7,666 and a stop loss of ₹6,955.
ABB India’s share price has demonstrated strong momentum, hitting an all-time high of ₹7,218. The breakout above a critical resistance level at Trade ₹6,800 is a notable development supported by strong trading volumes.
SBI: Buy at ₹811 with a target of ₹850 and a stop loss of ₹792.
SBI’s share price shows resilience, with Trade strong support at ₹792 near its 20-day EMA. It is exhibiting strength by maintaining levels above key moving averages.
Ganesh Dongre’s Recommendations:
Dr Lal Pathlabs: Buy at ₹2,325 with a target of ₹2,450 and a stop loss of ₹2,250.
Dr Lal Pathlabs share price has seen a bullish reversal pattern and could potentially reach ₹2,450 while holding the support level of ₹2,250.
BEL: Buy at ₹230 with a target of ₹240 and a stop loss of ₹220.
BEL share price has strong support around ₹225 and a bullish candlestick pattern formation at ₹230, suggesting potential continuation of its rally toward ₹240.
Conclusion
Today’s stock market remained sideways, with the Nifty 50 closing near its support level. Experts suggest potential upward movement if this support holds. Trade Recommendations include buying ABB India, SBI, BEL, and Dr Lal Pathlabs. Investors should watch out for India VIX and the Bank Nifty index for further market trends.
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Frequently Asked Questions (FAQs)
What is the Nifty 50, and how did it perform today?
The Nifty 50 is a benchmark stock market indexT rader epresenting the top 50 companies listed on the National Stock Exchange of India. Today, the Nifty 50 closed at 22,302, remaining flat throughout the session.
What are the key support and resistance levels for the Nifty 50 and Bank Nifty?
For the Nifty 50, the support level is around 22,100–22,200, Trade with resistance at 22,500-22,600. For the Bank Nifty, the resistance level is at 49,000, while support stands at 47,500.
What are the expert stock recommendations for today?
Experts recommended buying ABB India, SBI, BEL, and Dr Lal Pathlabs. Detailed buy/sell advice, target prices, and stop-loss levels can be found in the blog.
What is the India VIX, and how did it perform today?
The India VIX (Volatility Index) measures market Trade volatility and uncertainty. Today, the index closed at 17.08 after climbing to a new 52-week high of 18.32. Experts suggest that if the index falls below its current level, it could decline to 14 or 12.
What caused the decline in the Indian stock market today?
Despite strong global sentiment, the Indian stock market faced a sideways session due to several factors, including profit booking in key indices, the market’s choppy trend, and ongoing concerns about volatility and uncertainties.
What does it mean when experts talk about ‘bullish’ or ‘bearish’ trends?
A ‘bullish’ trend refers to an optimistic market Trade outlook where prices are expected to rise, while a ‘bearish’ trend suggests a pessimistic market view with expectations of a decline in prices.
What is the significance of support and resistance levels in trading?
Support levels indicate a price point at which a stock or index is likely to find buying interest and bounce back. Resistance levels mark a price point where selling interest may arise, causing prices to stall or reverse.
Why is it important to pay attention to moving averages in stock trading?
Moving averages provide insights into the general direction of a stock’s price trend. Stocks trading above key moving averages may signal strength, while those trading below may indicate weakness.
How can investors benefit from expert stock recommendations?
Expert stock recommendations can guide investors in making informed decisions by offering insights on potential buying opportunities, target prices, and stop-loss levels.
What should investors keep in mind while trading stocks?
Investors should keep an eye on market trends, volatility indices, expert recommendations, and support/resistance levels while also considering their risk tolerance and investment goals.
