The Indian stock market ticked up on Wednesday, with the Sensex adding about 100 points and the Nifty 50 gaining 46 points, thanks to better‑than‑expected growth numbers from the United States.
Market Summary
The Sensex rose 0.07% to 85,663, while the Nifty 50 moved up 0.18% to just above 26,200. The gain came after the market was flat the day before and was supported by a positive mood in global markets.
Analyst Outlook
Sagar Doshi, a senior research analyst, says the Nifty 50 is in a short‑covering rally and could reach the 26,250‑26,450 range. He expects lower volatility this week and believes any dip near 26,100 will attract buyers.
For the Bank Nifty, Doshi notes it is trading between 58,750 and 59,500. A breakout above 59,500 could trigger another 700‑800‑point move higher.
Stocks to Watch
- Coal India – Suggested buy with a target of ₹440. The stock broke a six‑month range and showed strong buying volume, hinting at an 8‑10% upside.
- IndusInd Bank – Suggested buy with a target of ₹930. After crossing its 200‑day moving average, the stock formed a bullish head‑and‑shoulders pattern, indicating possible short‑covering.
- KEI – Suggested buy with a target of ₹4,800. The stock displayed a cup‑and‑handle breakout after 18 months of sideways movement and is holding above key long‑term averages.
Disclaimer
These ideas are for educational purposes only. They reflect the views of individual analysts, not a recommendation. Always do your own research or consult a certified advisor before investing.