Stock market today: The domestic stock markets began positively on Wednesday, demonstrating strength despite persistent geopolitical tensions stemming from the US-Israel-Iran conflict and ongoing foreign capital withdrawals.
The Nifty 50 started at 23,632.90, increasing by 51.75 points or 0.22%, while the BSE Sensex commenced at 76,367.55, climbing 296.71 points or 0.39%.
Market analysts observed that Indian markets have displayed robustness in recent trading days, in spite of notable foreign portfolio investor (FPI) sell-offs.
Foreign Institutional Investors (FIIs) sold equities valued at ₹4,741.22 crore on Tuesday, according to data from the exchange. Meanwhile, Domestic Institutional Investors (DIIs) purchased stocks worth ₹Rs 5,225.32 crore.
Market Review and Outlook – Ruchit Jain, Head – Equity Technical Research, Wealth Management, Motilal Oswal Financial Services
Our markets have witnessed a pullback move in last couple of trading sessions as the Nifty 50 took support around the psychological support of 23,000 and the momentum readings were oversold. However, the overall data have not indicated any encouraging signs yet as the Brent Crude continues to trade above 100 dollar, Geopolitical situation continues to be uncertain and FIIs continue to sell equities in cash segment along with short positions of about 88% in the index futures.
Until we see any trend reversal signs, this upmove should just be seen as a pullback move where selling pressure could persist at higher levels and volatility will continue to remain high. Nifty 50’s immediate support is at 23,400 zones while resistance at 23,750 zones. Now it has to continue to hold above 23,500 for an up move towards 23,750 then 23,950 while support is placed in 23,400- 23,300 range followed by 23,000.
Shares to buy or sell today – Ruchit Jain
On shares to buy or sell on Wednesday, Ruchit Jain recommends Tata Power Company Ltd, and ABB India Ltd.
Buy Tata Power Company CMP ₹400.85; SL at ₹382; TGT at ₹434
This stock has seen a consolidation phase over past one year, but has shown a relative strength in last one month’s market correction. The stock has started forming a’ Higher Top Higher Bottom’ structure along with good volumes which hints at a start of an uptrend post this corrective phase. Hence, we advise positional traders to buy this stock around ₹400 for potential target around Rs. 434. The stoploss on long positions should be placed below ₹382.
Buy ABB India CMP ₹6,310.50; SL at ₹6,070; TGT at ₹6,730
The stock has recently witnessed price upmove supported by good volumes and has given a breakout above its previous swing high resistance. Prices are trading above all its important moving averages and the RSI oscillator is hinting at a positive momentum. Hence, we advise positional traders to buy this stock around ₹6,300 for potential target around ₹6,730. The stoploss on long positions should be placed below ₹6,070.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
