Analysts see Nifty facing resistance near 25,300, with key support at 25,000.
Indian equity markets opened on a positive note, with the Nifty moving past the 25,200 mark. Barring media, all sectors traded in the green at opening, with real estate and FMCG leading the gains.
At 09:40 a.m. IST, the Nifty 50 traded 107 points higher at 25,252, while the Sensex was up 232 points at 82,262. Broader markets mirrored the optimism, with the Nifty Midcap index rising 0.7%, and the Smallcap index gaining 0.3%.
The retail sentiment on Stocktwits for the Nifty was ‘bullish’ at market open amid ‘high’ message volumes.
Stock Watch
Tech Mahindra was the top Nifty loser, falling over 1% after its Q2 profits missed street estimates. Axis Bank too remained under pressure ahead of its earnings report later today.
On the other hand, Thyrocare, ICICI Lombard, and Persistent rallied 6% following a strong show in the September quarter earnings.
Mishra Dhatu Nigam shares rose 1% on securing an order worth ₹306 crore.
Godrej Properties rose nearly 3% on acquiring a 26-acre land parcel near Sarjapur Road, Bengaluru, with revenue potential of ₹1,000 crore.
LT Foods rose 2% on plans to acquire Hungary-based Global Green Europe for €25 million.
And gold surging to record highs sparked over 1% gains in gold loan companies such as Muthoot and Manappuram Finance.
Stock Calls
Analyst Vinayak Gautam shared three stock recommendations for Wednesday with a 1-week timeframe:
SKF India: Buy at ₹5,008, with a target price of ₹5,200, and stop loss at ₹4,910
Schloss Bangalore (Leela): Buy at ₹438, with a target price of ₹446, and stop loss at ₹434
Cyient DLM: Buy at ₹468, with a target price of ₹476, and stop loss at ₹462
Markets: The Road Ahead
From a technical standpoint, SEBI-registered analysts on Stocktwits shared the trade setup.
Investment advisor Nidhi Saxena of The Trade Bond noted that Nifty continues to trade in a narrow range of 25,000–25,300. A sustained move above 25,300 could trigger short covering, while 25,000 remains a key support level for the index.
For Nifty Bank, she added that the underlying trend remains positive with immediate support placed at 56,200 on an hourly closing basis. A move above 56,770 is likely to trigger short-term momentum and extend the upmove.
Global Cues
Globally, Asian markets traded mostly higher, while crude oil prices held firm after falling to a five-month low.
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