Stock market today: Indian benchmark indices traded higher on Wednesday, 22 September, supported by a decline in crude oil prices and easing concerns over the impact of elevated energy costs on the domestic economy. However, uncertainty surrounding the Middle East conflict continued to limit the market’s gains.
The decline in oil prices provided some relief to India, which relies heavily on crude imports. Brent crude remained below the $100-a-barrel mark, helped by the restoration of supplies through a key Saudi Arabian pipeline in the Red Sea region.
Market sentiment also received some support from developments around the US-Iran conflict. US President Donald Trump on Tuesday warned of further military action against Iran while also indicating that discussions involving Iranian mediators had been productive. The mixed signals kept investors cautious about the possibility of further escalation.
The Nifty 50 advanced 0.5% to 23,446.80, while the BSE Sensex gained 0.4% to 74,828.25. Ahead of the closing auction, the indices were up 0.44% and 0.36%, respectively.
With crude prices remaining a key market driver, investors are closely tracking developments in the Middle East. A sustained moderation in oil prices could ease pressure on India’s import bill and inflation outlook, while any fresh escalation in the conflict could quickly reverse the recent relief.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
After showing weakness near the 23,500 hurdle on Tuesday, Nifty 50 bounced back firmly on Wednesday and closed the day higher by 117 points amid a lacklustre movement.
A long bull candle was formed on the daily chart that has almost surpassed the bearish candle of Tuesday. This is a positive indication and signals a chance of further advance in Nifty 50 towards the important resistance, as per the change in polarity around the 23,600 level. A decisive breakout of 23,600 could open renewed buying in the market. However, any dips to support at 23,250 could be a buying opportunity.
Stocks to buy
Buy Inventurus Knowledge Solutions Limited (IKS Health) at 1928, Target 2080, Stoploss 1845, Timeframe 2-3 weeks
After showing a range bound action in the last few months, the healthcare technology stock- IKS has witnessed a decisive breakout this week. The stock price is currently placed at the edge of surpassing another crucial hurdle of previous swing highs around ₹1,950-1,960 levels. Volume has expanded during upside breakout in the stock price and daily/weekly RSI shows positive indication.
Buy PB Fintech at 1893, Target 2045, Stoploss 1815, Timeframe 2-3 weeks
After witnessing a moderate downward correction in the last two weeks, the fintech stock has bounced back sharply on Wednesday and closed higher. Bullish chart patterns like higher tops and bottoms are intact on the daily chart. Volume and RSI patterns are showing positive outlook for the stock price ahead.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
