Stock market today: Indian equity benchmarks ended lower on Wednesday, 28 October as rising oil prices weighed on investor sentiment. Jio Platforms, however, hogged the limelight after its blockbuster market debut made it the country’s second-largest company by market capitalisation.
The Nifty 50 fell 0.22% to close at 22,698.85, while the Sensex declined 0.48% to settle at 73,246.03. Both indices had dropped more than 1% during the session.
Nagaraj Shetti has recommended buying Zydus Lifesciences at ₹1,176, with a stop-loss of ₹1,123 and a target price of ₹1,268. He has also recommended buying Whirlpool of India at ₹830, with a stop-loss of ₹795 and a target price of ₹895. Both stock recommendations are for a timeframe of 2–3 weeks.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
After reversing down from near the key hurdle of around 22,800 levels on Tuesday, Nifty 50 witnessed high volatility on Wednesday and closed the day lower by 50 points. A small green candle was formed on the daily chart with upper and long lower shadow. Technically, this market action signals high volatility in the market near the resistance and recovery was observed from the lower levels. The recent swing lows have been in an ascending order, which is signalling one more attempt towards 22,800+ in the near term.
Though, Nifty 50 declined on Wednesday, the underlying trend remains positive within high low range of around 22,500-22,800 levels. Hence, a decisive move above 22,800 is likely to bring renewed buying participation in the market. However, any weakness from here could find support around 22,500 levels.
Stocks to buy
Buy Zydus Lifesciences at ₹1176, Stoploss ₹1,123, Target ₹1,268. Timeframe 2-3 weeks
• The downtrend for the last few weeks seems to have reversed sharply.
• We observe a formation of crucial bottom reversal pattern amidst broader range movement.
• The stock price is currently advancing towards the crucial hurdle of previous swing highs around ₹1,200-1,220 levels.
• Volume has started to expand during upside breakout in the stock price and daily RSI shows positive indication
Buy Whirlpool at ₹830, Stoploss at ₹795, Target at ₹895. Timeframe 2-3 weeks
• The recent down trend seems to have reversed on the upside sharply recently.
• The stock price surpassed above 10/20-day EMA on Tuesday and the stock price consolidated on Wednesday.
• It is expected to breakout of key resistance of down sloping trend line at ₹845-850 levels after the consolidation.
• Volume and RSI patterns indicate positive bias 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.
