The Indian stock market saw mixed results on Wednesday as benchmark indices fluctuated amid profit booking at record high levels. The Sensex rose by 36.45 points, or 0.05%, closing at 77,337.59. In contrast, the Nifty 50 dropped by 41.90 points, or 0.18%, settling at 23,516.00.
The Bank Nifty index outperformed other major indices, surging by 957 points, or nearly 2%, to finish at 51,398. Cash market volumes on the NSE increased to ₹1.77 lakh crore, driven by several bulk deals. Despite this, broader market indices fell more sharply than the Nifty, with an advance-decline ratio of 0.65:1.
Expert Recommendations: Vaishali Parekh’s Stock Picks
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, provided insights on the market’s trajectory. She anticipates the Nifty reaching a target of 23,800, with 23,200 as a crucial support level. Parekh highlighted a bullish breakout for the Bank Nifty, predicting further gains in upcoming sessions.
For today, Parekh recommended the following stocks:
Coforge: Buy at ₹5,395 with a target of ₹5,600 and a stop loss at ₹5,280.
Balrampur Chini Mills: Buy at ₹440.85 with a target of ₹462 and a stop loss at ₹430.
Clean Science and Technology: Buy at ₹1,394 with a target of ₹1,455 and a stop loss at ₹1,365.
Market Outlook
Discussing the Nifty’s outlook, Parekh noted that while the index has been hitting new highs, it has also experienced fluctuations and profit booking, ending marginally lower near the 23,500 mark. She set an important near-term target at 23,800, with 23,200 as a key support level.
For the Bank Nifty, Parekh sees continued strength, with a next target of 53,500. She indicated a daily trading range for the Bank Nifty between 51,000 and 52,000 levels, while Nifty’s support and resistance are expected at 23,400 and 23,650 levels, respectively.
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