The Indian stock market remained in a consolidation phase on Wednesday, with the benchmark indices showing marginal declines. However, signs of recovery in mid- and small-cap stocks suggest a potential upside for Nifty 50. Experts point to key support and resistance levels, while global developments continue to influence sentiment.
Nifty 50 Holds 22,800 Support, Eyes 23,235 Resistance
The Nifty 50 index closed at 22,932.90, down just 0.04%, while the S&P BSE Sensex slipped 0.05% to 75,939.18. Despite this, the Bank Nifty index showed strength, recovering nearly 1% to settle at 49,570.10. The Oil & Gas, realty, and metals sectors led the gains, while IT and pharma stocks lagged.
According to Vinay Rajani, Senior Technical & Derivative Analyst at HDFC Securities, the 22,800 support level remains strong, and the Nifty 50 has a “good chance” to push higher toward its next resistance at 23,235. Similarly, Hrishikesh Yedve, AVP Technical & Derivatives Research at Asit C. Mehta Investment Intermediates Ltd, noted that Bank Nifty must stay above 49,650 to potentially break past 50,000.
Global Market Trends: Geopolitical Factors and Economic Policies in Focus
Global markets remained cautious as geopolitical developments took center stage. The high-level meeting between US and Russian officials in Riyadh sparked speculation about a potential de-escalation in the Russia-Ukraine war. This, alongside ongoing trade policy uncertainties under Donald Trump’s administration, has kept investors on edge.
Siddhartha Khemka, Head of Research – Wealth Management at Motilal Oswal Financial Services Ltd, said markets are likely to remain “range-bound,” with movements dictated by global cues, US tariff decisions, and the evolving geopolitical landscape.
Stocks to Watch: Buy or Sell Recommendations
Market analysts have identified eight stocks for investors to consider today, with recommendations spanning multiple sectors.
- Camlin Fine Sciences Ltd: Buy at ₹151.38 with a stop loss of ₹143 and a target price of ₹159.
- Bajaj Healthcare Ltd: Recommended as a strong buy.
- Aurobindo Pharma Ltd: Identified for potential gains.
- IndusInd Bank Ltd: A watchlist candidate for traders.
- KFin Technologies Ltd: Suggested for medium-term investment.
- Chalet Hotels Ltd: Short-term buying opportunity.
- VA TECH WABAG Ltd: Highlighted for its upward momentum.
- Torrent Power Ltd: Recommended for traders eyeing breakout stocks.
Sector Performance: Who’s Leading and Who’s Lagging?
The mixed performance of sectors painted a complex picture for traders. While oil & gas, realty, and metals stocks outperformed, IT and pharma stocks faced selling pressure.
- Gainers:
- Realty stocks benefitted from strong property market sentiment.
- Oil & gas stocks saw buying interest amid crude price movements.
- Metal stocks remained resilient despite global economic concerns.
- Losers:
- IT stocks were hit by global uncertainty surrounding tech earnings.
- Pharma stocks struggled due to regulatory pressures and weaker demand.
Technical Levels to Watch for Nifty 50 and Bank Nifty
Traders should keep a close eye on the following key levels:
| Index | Support | Resistance |
|---|---|---|
| Nifty 50 | 22,800 | 23,235 |
| Bank Nifty | 49,650 | 50,000 |
For now, the market remains in a consolidation phase, with upside potential if broader market sentiment continues to improve. Investors will be closely watching economic indicators, global political developments, and sectoral movements for further cues.
