Indian Stock Market Closes Lower Ahead of US Federal Reserve Decision

Indian Stock Market Update

The Indian stock market closed lower for the third consecutive session on Wednesday, December 10, due to mixed global signals ahead of the US Federal Reserve’s policy announcement.

Key Market Highlights

• The Sensex touched an intraday high of 85,020.34 but fell 629 points from its peak, ending 275 points (0.32%) lower at 84,391.27.
• The Nifty 50 closed at 25,758, down 82 points (0.32%).
• The BSE Midcap and Smallcap indices declined 1.08% and 0.58%, respectively.

Nifty 50 Outlook

According to Osho Krishan, Sr. Analyst at Angel One, the Nifty 50 is currently trading between two critical technical points, awaiting clarity from the Fed outcome.

The Nifty faced resistance at the 20-DEMA, which coincides with the trendline breakdown zone around 25,950–26,000. On the other hand, prices continue to defend the key support of the 50-DEMA and the 61.8% retracement of the recent November upmove placed near 25,700.

Stocks to Watch

Osho Krishan recommends buying the following stocks on Thursday:

• Century Plyboards: Exhibited robust momentum, with a significant increase in trading volume. Buy around 820-810 with a Stop Loss of 770 and a Target of 900.
• ICICI Prudential Life Insurance Comp: Demonstrated a substantial increase in the recent session, accompanied by a decent increase in traded volumes. Buy around 630 with a Stop Loss of 605 and a Target of 670-680.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of the publisher. Investors are advised to check with certified experts before making any investment decision.