Overview of the Indian Stock Market: India’s key stock market indices, the Sensex and Nifty 50, experienced a flat closing on Tuesday, with mixed signals emanating from global markets and various economic indicators influencing investor sentiment. Although some stocks posted minor gains, the overall market sentiment remained cautious. The Nifty 50 index settled at 25,796.90 points, reflecting a slight decrease of 0.05% from its previous close of 25,810.85 points.
The BSE Sensex concluded the trading session at 84,266.29 points, dropping 0.04% from the previous closing of 84,299.78 points. Notably, the stock markets were closed on Wednesday, October 2, in observance of Gandhi Jayanti, which is expected to impact trading volume and investor activities in the following sessions.
Insights from Vaishali Parekh
Vaishali Parekh, the vice president of technical research at Prabhudas Lilladher, indicated that the Nifty 50 had shown some consolidation around the 25,800 mark after a brief losing streak. She anticipates a potential pullback in the coming days, as technical indicators suggest a cautious yet possible upward trend. Parekh predicts the Nifty 50 Spot index will find crucial support at 25,650 points while posing resistance at 26,000 points. Meanwhile, the Bank Nifty index is expected to fluctuate within a range of 52,600 to 53,400 points today.
Stocks to Consider for Trading
| Stock | Action | Entry Price (₹) | Target Price (₹) | Stop Loss (₹) |
|---|---|---|---|---|
| Meghmani Organics Ltd. | Buy | 104 | 110 | 100 |
| HCL Technologies Ltd. | Buy | 1,812 | 1,880 | 1,780 |
| DLF Ltd. | Buy | 914 | 950 | 890 |
Market Outlook
Regarding the overall market outlook, Parekh emphasized that after experiencing a brief losing streak, the Nifty seems to have stabilized around the 25,800 range. The formation of a Doji candle pattern on the daily chart suggests indecision in price movement, but there is optimism for a possible rebound in the near term. Should the Nifty successfully breach the 26,000 mark decisively, it could indicate a substantial upward movement in the coming days.
Bank Nifty Insights
Parekh further noted that the Bank Nifty index has recently slipped from a peak of 54,467 points, and its crucial support level is positioned near the 50 EMA at 52,000 points. The immediate support level stands at 52,600 points. If this support level holds, a positive trend reversal could be anticipated, with potential for further growth. A decisive breakthrough above 53,400 points would significantly bolster the bullish bias in the market.
Disclaimer: The perspectives and recommendations expressed in this article are those of individual analysts and do not necessarily represent the opinions of this publication. We encourage investors to consult with certified financial experts before making any investment choices.
