Stock market today: The Indian stock market largely remained unchanged in the early morning session on Wednesday, with both indices – Sensex and Nifty – attempted to stabilise after two consecutive sessions of declines, as investors assessing mixed global cues and U.S. employment data that failed to provide clear direction on the future path of interest rates.
In early trading, the S&P BSE Sensex inched up 51 points, or 0.06%, to 84,731, while the NSE Nifty 50 edged down 14 points, or 0.05%, to 25,874.
The Nifty Banking index has slipped into negative territory, reversing an earlier 50-point gain to a loss of more than 120 points, and is now trading nearly 200 points below the day’s high.
Nifty 50 Outlook by Sagar Doshi, Senior Vice President- Research, Nuvama Professional Clients Group
Nifty 50
Nifty reclaimed its 26000 mark in its last weekly closing negating its short term downside which had opened up at the start of previous week. The index has got back into a short term buy on dip zone for a targets of 26250 / 26450 once again.
Bank Nifty
Bank Nifty continues to trade within its range of 58750 – 59500 and a break above (probable scenario) can allow the index get back into leadership zone against the Nifty again. A quick short covering round above 59500 can now unfold with support below 59200 odd.
Glenmark (BUY): LCP: ₹1,966; SL: ₹1,930; TGT: ₹2,140
Amid a cooldown which retested stock’s 2024 highs, Glenmark has now given a fresh 6 month consolidating trendline breakout which also can be seen as a bullish pole and flag breakout on daily and weekly charts. Given the structure we see this set up allowing fresh bullish momentum building up from hereon.
Bharat Petroleum Corporation (BUY): LCP: ₹368; SL: ₹358; TGT: ₹392
Energy stocks have been seeing a tailwind for the past few weeks. BPCL on weekly charts has completed a fresh retest of the huge bullish cup and handle breakout we first saw unfolding 6 weeks ago. While on smaller timeframe a pole and flag has also developed and ready to breakout for new all time highs on the stock.
ZF Commercial (BUY): LCP: ₹15,030; SL: ₹14,300; TGT: ₹16,400
Stock has gained momentum after an eighteen month trendline breakout at the start of this month. Adding to this, a fresh bullish cup and handle breakout is seen on daily charts allowing the stock to close at a fresh 52 week high. Stock is likely to see a 8-10% appreciation given the technical set up.
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