The Indian stock market closed flat on Tuesday, weighed down by weakness in IT and consumption stocks. The Nifty 50 index ended nearly unchanged at 23,707.90, while the BSE Sensex slipped 0.30% to close at 78,199.11.
Amid mixed market sentiment, sectors like Nifty Microcap, Energy, Media, Oil & Gas, and Metals outperformed, closing in positive territory.
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Top gainers on the Nifty 50 included ONGC (+3.59%), SBILIFE (+3.00%), and HDFCLIFE (+2.29%). Meanwhile, the laggards were Trent (-1.77%), HCLTECH (-1.90%), TCS (-1.63%), and EICHERMOT (-1.39%).
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Indian stock market outlook
As highlighted in the chart, the 23,500–24,200 range is expected to act as a key support and resistance zone in the short term. A breakout above or below this range will determine the market’s next directional trend.
Today, the Nifty 50 closed at 23,707.90, above its 200-day exponential moving average (EMA), but it remains below the 200-day moving average (DMA) at 23,916.50, indicating cautious sentiment.
Meanwhile, the Bank Nifty closed at 50,202.15, breaking above its 200-day simple moving average (SMA).
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Three stocks to buy, recommended by Ankush Bajaj:
Ipca Lab: Buy at ₹1,736; Target ₹1,805-1,825; Stop Loss ₹1,699.
After closing above its lifetime high, the stock retested the ₹1,700 level. It is now trading near its lifetime high with good volume, indicating the potential for a strong upward move in the coming days. A stop-loss can be placed at the recent low.
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Indegene Ltd: Buy at ₹621.60; Target ₹655-675; Stop Loss ₹604.
After the recent decline, the stock bounced back from the ₹590 level and closed above key moving averages. Initiating a long trade at the current level appears to be a good opportunity
Titan Co Ltd: Buy at ₹3,505; Target ₹3,660-3,700; Stop Loss ₹3425.
Despite strong fundamentals, the stock experienced a sharp decline. However, in the past two days, it has recovered from the 3250 level. This near-term bullish trend is expected to continue, with a target of 3700+ levels soon
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
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Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
