Indian stock market snapped its three-day winning streak in the previous session, with the BSE Sensex dropping by 110.64 points. The dip was attributed to profit booking in select auto and bank stocks, as well as foreign fund outflows. Analysts are predicting continued volatility as investors closely monitor the Monetary Policy Committee meeting by the Reserve Bank of India, set to begin on Wednesday.
The RBI’s rate-setting panel is expected to maintain a pause on key interest rates, considering the current economic growth trajectory and retail inflation data. Despite the dip in the Sensex, the broader NSE Nifty saw a fag-end recovery, with the smallcap and midcap indices also making gains.
Intraday trading tips for Wednesday include buying stocks like Marksans Pharma, IRB Infrastructure Developers, and Kiri Industries. Analysts are optimistic about the Nifty 50’s performance, with resistance near the 22,500 zone. For Bank Nifty, HDFC Bank is maintaining its bias, while ICICI Bank, Kotak Bank, and Axis Bank are seeing some profit booking.
Overall, the market outlook remains positive, with support levels for Nifty 50 at 22,300 and resistance at 22,600. Bank Nifty is expected to have a daily range of 47,200-48,000 levels. Investors are advised to consult with certified experts before making any investment decisions.
