Stock market today: Indian equity benchmarks closed lower on Wednesday as rising crude oil prices weighed on investor sentiment, offsetting the positive momentum from the strong investor response to Reliance Industries Chairman Mukesh Ambani’s Jio Platforms IPO.
The Nifty 50 declined 0.34% to close at 22,811.35, while the Sensex fell 0.19% to 73,709.69. Both indices had gained around 1% in early trade before reversing course.
Crude oil prices remained a key concern for markets. Brent crude futures rose 1.5% to above $110 per barrel amid concerns over Middle East supplies and a drawdown in US inventories. For India, which relies heavily on oil imports, elevated crude prices could increase the import bill, put pressure on the fiscal deficit and weigh on corporate profitability.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, recommended buying Wipro at ₹188.30, with a target price of ₹202 and a stop-loss of ₹180. He also recommended selling Dixon Technologies at ₹11,620, with a target of ₹10,950 and a stop-loss of ₹12,025. Both trading calls have a 2–3-week time frame.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the Nifty 50 failed to sustain its intraday recovery on Wednesday after a sharp reversal from the crucial resistance zone around 23,100 on Monday. The index slipped amid volatility, with weakness extending across the broader market, including mid-cap, small-cap and micro-cap stocks.
Shetti noted that the Nifty 50 formed a long bearish candle on the daily chart, with both upper and lower shadows, indicating selling pressure near the 23,100 resistance level and some buying interest around 22,600.
The index is now at risk of breaking below the 22,700–22,750 support zone, which was previously resistance and has since turned into support. A decisive breach of this zone could drag the Nifty 50 towards 22,200–22,300 in the near term. On the upside, any recovery could encounter resistance in the 23,000–23,100 range.
Stocks to buy
Buy Wipro at ₹188.30, Target at ₹202, Stoploss at ₹180, Timeframe 2-3 weeks
After witnessing an excellent bounce back in last week, the IT stock price has continued its follow-through up move so far this week. The recent chart pattern indicates a formation of crucial bottom reversal pattern at last week’s lows. Bullish patterns like higher highs and lows have started to form on the daily timeframe chart. Volume and daily RSI patterns show positive indication.
Sell Dixon Technologies at ₹11,620, Target at ₹10,950, Stoploss ₹12,025, Timeframe 2-3 weeks
The stock price has been in sharp downtrend over the last couple of months. We observe bearish chart formation like lower tops and bottoms on the daily timeframe chart. The price action of last three sessions indicates bearish ‘Falling Three Crows’ type pattern, which is down trend continuation as per its nature.
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.
