Mumbai: The benchmark Nifty 50 index steadied on Tuesday, posting a modest gain of 0.04% to close at 23,668.65 after a robust rebound in recent sessions, while the Bank Nifty slipped 0.19% to 51,607.95, reports PTI. Sectors like Realty, Oil & Gas, and Metals dragged the market down, offset by gains in IT, though broader indices faced selling pressure, declining 1.2% to 1.8%.
Trade Setup for Wednesday
Analysts point to 23,600 as a critical support level for the Nifty 50. Shrikant Chouhan, Head of Equity Research at Kotak Securities, noted that staying above this threshold could propel the index toward 23,850–23,900. However, a break below 23,600 might shift market sentiment downward. For the Bank Nifty, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd., advised a “buy on dips” approach as long as it holds above 50,980, with 52,000 posing a significant resistance.
Global Markets and Sentiment
Tuesday marked the seventh straight session of gains for domestic equities, reflecting sustained investor interest. Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal Financial Services Ltd., attributed this to steady inflows from Foreign Institutional Investors (FIIs), a strengthening Indian rupee, and positive signals from U.S. markets. “We anticipate a continued gradual uptrend,” he said.
Stocks to Watch
Experts have flagged eight stocks for Wednesday’s trading session. Sumeet Bagadia of Choice Broking recommended AU Small Finance Bank Ltd. and Kalpataru Projects International Ltd. Ganesh Dongre from Anand Rathi highlighted Castrol India Ltd., Mahindra & Mahindra Ltd., and Avenue Supermarts Ltd. Meanwhile, Shiju Koothupalakkal of Prabhudas Lilladher singled out Godrej Consumer Products Ltd., Aster DM Healthcare Ltd., and Nippon Life India Asset Management Ltd. as potential movers.
(With PTI Inputs)