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The Indian stock market witnessed a positive trend on Wednesday, snapping a two-day decline. The Nifty 50 index gained 58 points to close at 23,322, while the BSE Sensex rose 149 points to finish at 76,606. The Bank Nifty index also ended higher by 189 points, settling at 49,895.
Analysts have expressed caution regarding the Nifty's outlook, as it faces resistance around the 23400-23500 levels. Nagaraj Shetti of HDFC Securities suggests that a decisive breakout above this hurdle is crucial; otherwise, a downward correction is possible. Immediate support is seen at 23200 levels, with a break below potentially triggering a selloff.
The outcome of the US Federal Reserve's meeting has also garnered attention. The Fed has kept interest rates unchanged, but maintained a hawkish outlook. This has raised concerns about the potential impact on global markets, with experts predicting a rise in the US dollar index to the range of 106 to 106.50. This could exert pressure on equity, commodity, and other asset classes.
Several experts have provided recommendations for stocks to buy or sell today. Sumeet Bagadia of Choice Broking suggests Universal Cables (buy at ₹771, target ₹815, stop loss ₹750) and UltraTech Cement (buy at ₹11045, target ₹11600, stop loss ₹10665). Ganesh Dongre of Anand Rathi recommends GMM Pfaudler (buy at ₹1337, target ₹1390, stop loss ₹1300), Gujarat Fluorochemicals (buy at ₹3220, target ₹3350, stop loss ₹3160), and DLF (buy at ₹860, target ₹890, stop loss ₹840).
Shiju Koothupalakkal of Prabhudas Lilladher suggests Jio Financial Services (buy at ₹361, target ₹348, stop loss ₹352), Power Grid Corporation (buy at ₹325, target ₹338, stop loss ₹317), and Bank of Baroda (buy at ₹283.40, target ₹298, stop loss ₹277).
Disclaimer: The views and recommendations expressed in this article are solely those of the individual analysts and experts, and do not necessarily represent the views of Mint. Investors are advised to consult with certified experts before making any investment decisions.