“Indian Stock Market Shows Signs of Recovery After Tuesday’s Sell-Off”
After a sharp sell-off on Tuesday, the Indian stock market shifted into base-building mode on Wednesday, with two out of three benchmark indices ending higher. The Nifty 50 index gained 21 points to close at 21,839, while the BSE Sensex rose 89 points to end at 72,101. However, the Bank Nifty index shed 73 points to finish at 46,310.
According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the near-term trend of the Nifty 50 remains weak, with strong overhead resistance around 22,150 to 22,200 levels. Immediate support for the Nifty today is placed at the 21,700 mark.
Om Mehra, Technical Analyst at SAMCO Securities, noted that the Bank Nifty concluded the session at 46,384.80, posting a decline of 0.41%. He highlighted Fibonacci retracement levels, with immediate support at 45,850 and resistance at 47,000.
In terms of Call Put Options data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities, pointed out major open interest levels for both Nifty and Bank Nifty strikes.
Stock market experts recommended several stocks for day trading, including Glenmark Pharmaceuticals, KPIL, Bajaj Finserv, BEML, Parag Milk, Power Grid, Max Healthcare, Chalet Hotels, and CG Power. Each expert provided specific buy or sell recommendations, along with target prices and stop loss levels.
Investors are advised to consult with certified experts before making any investment decisions.
