The Indian stock market continued its upside momentum with range-bound action on Wednesday, as the Nifty 50 index surged 71 points to close at the 24,770 mark. The BSE Sensex also finished 102 points higher at 80,905, while the Bank Nifty index lost 117 points and ended at 50,685. Despite the frontline indices‘ performance, the broad market outperformed, with the Small-cap index finishing 0.87 per cent higher and the Mid-cap index closing 0.43 per cent upside.
Looking ahead to Thursday’s trade setup, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, highlighted the positive short-term trend of the Nifty 50 index. He mentioned that the market is poised to challenge another opening down gap resistance around 24,960 and may move towards 24,960 and 25,100 next week, with immediate support at 24,650. On the other hand, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, discussed the Bank Nifty’s outlook, noting that a sustainable move above 50,800 could push the index towards the 51,200-51,500 zone.
The focus also shifted to the upcoming US Fed meeting, with Avinash Gorakshkar, Head of Research at Profitmart Securities, mentioning that most members favor an interest rate cut if US inflation progress continues. This has led to expectations of a rate cut starting from the September US Fed meeting, potentially favoring bulls over bears in the next few sessions.
In terms of stock recommendations for the day, experts Sumeet Bagadia and Ganesh Dongre suggested buying five stocks: Suven Pharmaceuticals, Rupa, Swan Energy, Chennai Petroleum Corporation, and Deepak Fertilisers. Sumeet Bagadia recommended buying Suven Pharmaceuticals at ₹1020.60 with a target of ₹1105 and a stop loss at ₹980, citing an upward trend and signs of strength in the stock. He also recommended buying Rupa at ₹345.50 with a target of ₹363 and a stop loss at ₹333, highlighting a breakout from a critical resistance zone.
Ganesh Dongre’s recommendations included buying Swan Energy at ₹700 with a target of ₹745 and a stop loss at ₹680, as well as Chennai Petroleum Corporation at ₹992 with a target of ₹1040 and a stop loss at ₹970. He also suggested buying Deepak Fertilisers at ₹2954 with a target of ₹3050 and a stop loss at ₹2910, citing bullish technical signals and potential upward trends in these stocks.
It is important to note that the views and recommendations provided in the article are those of individual analysts and do not represent the views of Mint. Investors are advised to consult with certified experts before making any investment decisions. For more business news, market updates, and breaking news events, readers can download The Mint News App for daily market updates.