Indian Stock Market Snaps Three-Day Rally as US Monetary Policy and Chinese Yuan Shake Market
The Indian stock market experienced a downturn on Tuesday, following various signals from US monetary policymakers and a shake in the Chinese yuan. The Nifty 50 index lost 92 points, closing at the 22,004 level, while the BSE Sensex corrected 361 points, ending at the 72,470 level. Additionally, the Bank Nifty index lost 263 points, closing at the 46,600 mark. Despite this, the small-cap index ended 0.11 percent lower, and the mid-cap index surged 0.71 percent in the previous session, outperforming the Nifty 50 index.
Experts provided insights into the day trading guide for the stock market today. Rajesh Bhosale, Equity Technical Analyst at Angel One, advised caution, suggesting buying on dips and exiting long positions on rallies while the market remains within a defined range. Om Mehra, Technical Analyst at SAMCO Securities, highlighted the weakness in the Bank Nifty, with key support levels at 46,300 and resistance at 47,000.
Looking ahead, Siddhartha Khemka, Head of Retail Research at Motilal Oswal, predicted market consolidation but did not rule out buying opportunities before the financial year end. Investors are advised to keep an eye on US Consumer confidence data set to be released later in the day.
Intraday trading tips were also shared for Wednesday, emphasizing the importance of monitoring global cues and exercising selectivity in trading decisions. Experts like Sumeet Bagadia, Ganesh Dongre, Shiju Koothupalakkal, and Virat Jagad recommended various buy or sell stocks for the day.
Stock recommendations included buying Larsen & Toubro (LT) and Finolex Industries, as well as Bharti Airtel, Amber Enterprises, TVS Motor, IRFC, Bharat Dynamics, EIH, and Zydus Lifesciences. Each expert provided target prices, stop losses, and technical analysis to support their recommendations.
It is important to note that the views and recommendations provided by individual analysts and experts are not endorsed by Mint. Investors are advised to consult with certified experts before making any investment decisions.
