Indian Stock Market Remains Sideways Despite Global Sentiment
- The Indian stock market remained sideways throughout Wednesday’s session, despite strong global sentiment on growing UK hopes of interest-rate cuts.
- The Nifty 50 index finished flat at 22,302, the BSE Sensex ended 45 points lower at 73,466, whereas the Bank Nifty index corrected 264 points and closed at the 48,021 mark.
- The India VIX Index finished at 17.08 after climbing to a new 52-week high of 18.32.
Despite strong global sentiment, the Indian stock market remained flat. The Nifty 50 and BSE Sensex saw little movement, while the Bank Nifty index corrected 264 points.
Trade Setup for Thursday
On the outlook for Nifty today, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, said, “On the Nifty front, the 50-stock index closed near the support level of 22100–22200 zone. If the frontline index holds this support level, upward movement can be seen in the upcoming days. Now, the next resistance for the Nifty 50 index is placed at 22500-22600. As per Wednesday’s chart pattern, we have seen the gap down opening and the whole day, Nifty, remain in a choppy trend.”
Bank Nifty and India VIX Outlook
“On the Bank Nifty front, we have seen profit booking today. Bank Nifty resistance stands at 49,000, and support is at the 47,500 level,” the Anand Rathi expert added. Speaking on the outlook for the India VIX today, Sumeet Bagadia, Executive Director at Choice Broking, said, “The India VIX Index has made a strong base around the 17 mark. The volatility index may touch the 14 to 12 mark on breaching below this support.”
Buy or Sell Stock Ideas by Experts
Regarding stocks to buy today, both the experts recommended five buy or sell stocks for today — SBI, ABB India, BEL, and Dr Lal Pathlabs.
Sumeet Bagadia’s Stocks to Buy Today
1] ABB India: Buy at ₹7186.75, target ₹7666, stop loss ₹6955. 2] SBI: Buy at ₹811, target ₹850, stop loss ₹792.
Ganesh Dongre’s Buy or Sell Stocks
3] Dr Lal Pathlabs: Buy at ₹2325, target ₹2450, stop loss ₹2250. 4] BEL: Buy at ₹230, target ₹240, stop loss ₹220.
Conclusion
Despite strong global sentiment, the Indian stock market remained flat with the Nifty 50 and BSE Sensex seeing little movement. However, experts predict potential upward movement in the coming days if the Nifty 50 index holds its current support level. Stocks to watch include ABB India, SBI, Dr Lal Pathlabs, and BEL.
