Indian Stock Market Remains Range-Bound Ahead of US Fed Chairman’s Speech
The Indian stock market experienced a range-bound trading session on Wednesday, influenced by weak global market sentiments ahead of US Fed Chairman Jerome Powell’s speech. While the Bank Nifty managed to end in the green territory, the Nifty 50 index and the BSE Sensex closed lower. Despite this, the small-cap and mid-cap indices outperformed the key benchmark indices, with gains of over 0.50 percent.
According to Siddhartha Khemka, Head of Retail Research at Motilal Oswal, the Nifty index closed flat at 22,435 levels, with the broader market outperforming. He mentioned that the market is trading cautiously ahead of the RBI policy meeting and key macro data releases in the US and Europe, as well as Powell’s speech.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, stated that the near-term uptrend of the Nifty index remains intact, with a potential move towards 22,800 levels upon crossing 22,550. Om Mehra, Technical Analyst at SAMCO Securities, highlighted that the Bank Nifty closed at 47,545.45, with support at 47,200 levels and resistance at 48,000 levels.
Looking ahead, Osho Krishan, Senior Analyst at Angel One, emphasized the importance of sectoral rotation and tracking global developments for market trends. He advised traders to maintain exclusivity in stock selection for outperformance and to monitor global events closely.
In terms of stock recommendations, experts like Sumeet Bagadia, Shiju Koothupalakkal, and Kunal Kamble provided insights on potential buys for the day. Bagadia suggested buying Chambal Fertilisers and Tech Mahindra, while Koothupalakkal recommended IOL Chemicals and Himadri Speciality Chemical. Kamble’s picks for day trading included Yes Bank and Honeywell Automation India.
It is important to note that the views and recommendations provided by individual analysts and experts are not endorsed by Mint, and investors are advised to consult certified experts before making investment decisions.
