The Indian equity market continued to be volatile on Wednesday with the Nifty 50 index closing marginally lower at 22,470.50, down 0.12%. But Bank Nifty rallied 0.42% to close at 48,056.65 with gains in Auto and Pharma stocks. Realty and some auto stocks, though, were the top losers. The broader indices too were under pressure, shedding close to half a percent each.
Trade Setup for Thursday :
For the Nifty 50 index, 22,300 is a key support level. If
Nifty remains above this range, a possible rally to 22,600-22,650 can be
expected. But a fall below 22,300 may dent the uptrend, says Shrikant Chouhan,
Head of Equity Research at Kotak Securities.
For Bank Nifty, if it continues to hold above 47,840,
relief rally is possible with 48,800 being an important resistance point, said
Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta
Investment Intermediates Ltd.
Global Market Cues:
Market mood is still wary as investors monitor U.S.
inflation numbers, which would influence the Federal Reserve to cut interest
rates. Any postponement in rate cuts can impact IT spending and dampen global
equities. But Indian industrial output growth has been higher than expected at
5% YoY in January 2025, higher than 3.2% in December 2024. These points might
introduce some good mood into the Indian market.
Top Stock Picks for Today:
Experts have suggested eight stocks for possible buying opportunities on Thursday:
Sumeet Bagadia's Stock Picks (Choice Broking)
- Kamat Hotels (India) Ltd – Buy at ₹318.2, Stoploss ₹306,
Target ₹340
The stock is at a 52-week high and recently crossed a significant resistance at ₹300. Good volumes suggest further upside potential.
- Gabriel India Ltd – Buy at ₹532.55, Stoploss ₹515, Target
₹570A firm uptrend with good buying interest indicates bullish continuation.
The moving averages also indicate positive momentum.
Ganesh Dongre's Stock Picks (Anand Rathi)
- Divis Laboratories Ltd – Buy at ₹5675, Stoploss ₹5550, Target ₹5900Oversold levels and a bullish reversal pattern point to a possible rebound.
- Sun Pharmaceutical Industries Ltd – Buy at ₹1675,
Stoploss ₹1640, Target ₹1720
The stock has shown a bullish reversal pattern and has a solid support at ₹1640.
- Cipla Ltd – Buy at ₹1453, Stoploss ₹1435, Target ₹1520
A technical bounce-back from current levels is
anticipated with a support at ₹1435.
Shiju Koothupalakkal's Stock Picks (Prabhudas Lilladher)
- Voltas Ltd – Buy at ₹1445, Stoploss ₹1415, Target ₹1530Breaking above important resistance at ₹1425 and healthy RSI readings hint at more gains.
- EIH Ltd – Buy at ₹346, Stoploss ₹337, Target ₹365After having been in a consolidating mode, the stock has registered bullishness and could still move further upwards.
- ITC Ltd – Buy at ₹412, Stoploss ₹402, Target ₹435The stock
has recovered from the oversold levels, and a healthy RSI momentum implies a
change for the better.
Market Outlook
With sectoral rotation active, volatility will continue
to persist. One must watch 22,300 on Nifty 50 and 47,840 on Bank Nifty for direction.
Pharma, Auto, and Hospitality shares exhibit strong bullishity, but IT and
capital market shares are on caution on macroeconomic front.
All the above suggestions are based on technical analysis
and expert views. Investors are encouraged to do their own research and consult
a licensed financial advisor prior to making any investment decision. The stock
market is risky, and historical results are not necessarily indicative of
future performance.
