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- Indian stock market slipped into the weakness zone on Tuesday, with the Nifty 50 index dipping 140 points and closing at the 22,302 mark.
- India VIX index ended 2.45 percent higher at 17.01 after hitting a new 52-week peak of 17.64 mark, logging over 35 percent rise on one week.
- All the sectoral Indices closed in red except Nifty FMCG and Nifty IT, with Nifty Reality, Metal, and PSU Banks falling the most.
Indian stock market shows signs of weakness with Nifty 50 dipping 140 points. Sectoral Indices mostly in red, except Nifty FMCG and Nifty IT.
Trade setup for Wednesday
Senior Technical Research Analyst at HDFC Securities, Nagaraj Shetti, suggests that the lower tops and bottoms on the daily chart are intact, and the present weakness could be in line with the new higher bottom formation of the pattern. Immediate resistance for the Nifty 50 index is placed at 22,400 levels; the next lower levels will be watched around 22,100 to 22,000.
Buy or sell stock ideas by experts
Stock market experts Sumeet Bagadia, Executive Director at Choice Broking, and Virat Jagad, Technical Analyst at Bonanza Portfolio, have shared their insights for Wednesday’s trading. Bagadia recommends buying Supreme Industries and Siemens, while Jagad suggests considering Westlife Foodworld and CG Power & Industrial Solutions.
Sumeet Bagadia’s stocks to buy today
1] Supreme Industries: This stock is a potential winner. Buy at ₹5247.35, with a target of ₹5555, and a stop loss at ₹5050. This could be a profitable move for you.
2] Siemens: Buy at ₹6094.60, target ₹6444, stop loss ₹5900.
Virat Jagad’s buy or sell stocks
3] Westlife Foodworld: Buy at ₹880 to ₹885, target ₹940, stop loss ₹860.
4] CG Power & Industrial Solutions: Buy at ₹570 to ₹572, target ₹610, stop loss ₹550.
Conclusion
Given the current weakness in the Indian stock market, investors are advised to tread with caution. However, certain stocks like Supreme Industries, Siemens, Westlife Foodworld, and CG Power & Industrial Solutions are recommended for buying by experts. It’s crucial to keep an eye on the market trends and make informed decisions.
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