Stock Market Today: Nifty 50 Dip, Buying Opportunities Amidst Global Uncertainty
Stock Market Today: A Mixed Bag of Signals
The Indian stock market ended on a slightly cautious note yesterday, with the benchmark Nifty 50 index slipping 0.33% to close at 24,379.60. The Bank Nifty fared even worse, dropping over 1% to settle at 54,271.40. Most sectors, except for Auto, followed the downward trend, with Realty and Oil & Gas leading the losses. Broader indices also took a hit, shedding over 2%.
Looking Ahead: Positive Trend But Cautious Sentiment
Despite the slight dip, analysts remain cautiously optimistic about the short-term outlook for the Nifty 50. Nandish Shah, Deputy Vice President at HDFC Securities, points out that while the Nifty remains positive, resistance lies at 24,500, with immediate support at 24,200.
For the Bank Nifty, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates, foresees resistance at 55,000 and 56,000, with key support at 53,890.
Global Factors and Domestic Concerns
Vinod Nair, Head of Research at Geojit Investments Limited, highlights several factors influencing the market. These include cautious sentiment due to India-Pakistan border tensions, weak earnings growth for the current quarter, and underperformance of small- and mid-cap stocks. Investors are also keeping a close eye on India’s trade negotiations with the US and the Federal Reserve’s stance on interest rates.
Stocks to Watch: Expert Picks for Wednesday
Several experts have shared their stock recommendations for today.
Sumeet Bagadia’s Picks:
* **Coromandel International Ltd (₹2284):** Buy target price ₹2450, Stoploss ₹2200. Bagadia sees a strong uptrend and bullish breakout in the stock.
* **Poly Medicure Ltd (₹2775):** Buy target price ₹2970, Stoploss ₹2670. Bagadia highlights strong volumes and a bullish candle pattern, suggesting aggressive accumulation.
Ganesh Dongre’s Picks:
* **Zydus Lifesciences Ltd (₹880):** Buy target price ₹905, Stoploss ₹865. Dongre points to a bullish setup and a Bullish Engulfing pattern, indicating a potential reversal.
* **India Cements Ltd (₹310):** Buy target price ₹325, Stoploss ₹302. Dongre sees encouraging signs of a trend reversal and renewed buying interest.
* **Sundaram Finance Ltd (₹5120):** Buy target price ₹5320, Stoploss ₹5030. Dongre notes a bullish reversal candlestick pattern near crucial support.
Shiju Koothupalakkal’s Picks:
* **Hindustan Unilever Ltd (₹2381):** Buy target price ₹2480, Stoploss ₹2340. Koothupalakkal sees support near the 50EMA and a positive candle setup signaling strength.
* **Godrej Industries Ltd (₹1112):** Buy target price ₹1150, Stoploss ₹1090. Koothupalakkal points to a good support near the 200 period MA and a positive trend reversal.
* **Biocon Ltd (₹341.45):** Buy target price ₹356, Stoploss ₹334. Koothupalakkal highlights a significant pullback and a move past the 50EMA, indicating strength.
