Nifty 50 Holds Firm, but Can It Break Higher?
After a string of strong sessions, the Nifty 50 index barely budged on Tuesday, closing at 23,668.65 — up a modest 0.04%. Despite the flat finish, market watchers say the momentum isn’t dead yet. The key support zone stands firm at 23,600, and bulls might still have some gas left to push toward 23,850-23,900.
The Bank Nifty took a mild hit, slipping 0.19% to 51,607.95, weighed down by weakness in Realty, Oil & Gas, and Metal sectors. Tech stocks, though, stayed resilient.
Nifty 50 Support and Resistance Levels
Market experts are keeping a close eye on the 23,600 mark for Nifty 50.
- Support Zone: 23,600 — a crucial level. Staying above it keeps the bullish outlook intact.
- Upside Target: 23,850 to 23,900, if the index holds strong.
- Bearish Trigger: A slip below 23,600 could sour the sentiment fast.
Shrikant Chouhan from Kotak Securities suggests traders stay cautious but optimistic. “The Nifty has shown impressive resilience. As long as we hold 23,600, retesting higher levels remains on the table.”
Bank Nifty Strategy: Buy on Dips?
The Bank Nifty’s story looks slightly different. It’s hovering near a critical support zone too — 50,980. Hrishikesh Yedve from Asit C. Mehta Investment Intermediates recommends a ‘buy on dips’ approach, as long as the index doesn’t break below that level.
- Support: 50,980
- Resistance: 52,000 — a tough ceiling to crack.
“The 52,000 mark is going to act like a roadblock. We need strong momentum to break through,” Yedve noted.
Global Markets Hold the Key
Nifty’s steady climb hasn’t happened in a vacuum. The broader market vibe has been upbeat, thanks to foreign institutional investor (FII) inflows, a stable rupee, and positive cues from the U.S.
Siddhartha Khemka of Motilal Oswal Financial Services believes the global setup is supportive enough for a continued slow but steady rise. “Seven straight green sessions show buyer confidence. FIIs are backing the uptrend, and U.S. markets are holding firm. This combination keeps domestic equities on a gradual upward path.”
Stocks to Watch: Buy or Sell Recommendations
Market experts shared their top picks for Wednesday. Here’s a breakdown:
Sumeet Bagadia, Choice Broking:
- Buy Infosys — Target ₹1,620, Stop Loss ₹1,520
- Buy Tata Steel — Target ₹155, Stop Loss ₹147
Ganesh Dongre, Anand Rathi:
- Buy Hindustan Unilever — Target ₹2,480, Stop Loss ₹2,390
- Buy ICICI Bank — Target ₹1,120, Stop Loss ₹1,080
- Sell Bajaj Auto — Target ₹7,600, Stop Loss ₹7,850
Shiju Koothupalakkal, Prabhudas Lilladher:
- Buy L&T — Target ₹3,420, Stop Loss ₹3,260
- Buy Sun Pharma — Target ₹1,560, Stop Loss ₹1,500
- Sell Tech Mahindra — Target ₹1,200, Stop Loss ₹1,260
It’s a mixed bag of bullish bets and a couple of cautious sells — a sign the market isn’t entirely carefree yet.
