The Indian stock market experienced a strong buying trend on Tuesday, with both the Nifty 50 and Sensex closing up by half a percent. This surge in the market was largely attributed to favorable global cues. The Sensex ended the day up by 378 points, or 0.47%, reaching 80,802.86, while the Nifty 50 finished 126 points, or 0.51%, higher at 24,698.85.
Looking ahead to Wednesday’s trade setup, market analysts provided insights into the potential movements of the Nifty and Bank Nifty indices. Osho Krishan, Senior Analyst – Technical & Derivatives at Angel One, highlighted that the Nifty is likely to face resistance around the subzone of 24,800-24,850, with support expected at 24,600-24,500. On the other hand, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd., noted that the Bank Nifty formed a green candle on the daily chart, indicating strength and potential bullishness.
In terms of stock recommendations for the day, experts Sumeet Bagadia and Ganesh Dongre provided insights into potential intraday trades. Sumeet Bagadia recommended buying Kotak Bank at ₹1,805.65 with a target of ₹1,915 and a stop loss at ₹1,750. He also suggested buying Muthoot Finance at ₹1,875 with a target of ₹2,030 and a stop loss at ₹1,805. Ganesh Dongre recommended buying United Spirits Ltd at ₹1,408 with a target of ₹1,465 and a stop loss at ₹1,370. He also suggested buying Tata Power at ₹422 with a target of ₹438 and a stop loss at ₹410.
It is important to note that the views and recommendations provided by analysts are their own and do not represent the views of Mint. Investors are advised to consult with certified experts before making any investment decisions.
In conclusion, the Indian stock market showed positive momentum on Tuesday, driven by favorable global cues. As investors look ahead to Wednesday’s trading session, it is essential to consider the insights provided by market analysts and make informed decisions based on thorough research and analysis. Stay updated with the latest business news, market updates, and breaking events by downloading The Mint News App.