The Indian stock market concluded the Wednesday trading session on a cautious to negative note, as mixed signals from Asian peers and sharp declines in global markets, coupled with persistent weakness in the Indian rupee, subdued investor risk appetite. The Indian National Rupee (INR) depreciated further to approximately 91.64 against the US Dollar (USD), driven by robust dollar demand and renewed concerns over imported inflation and near-term capital flow stability.
Market Sentiment and External Factors
While the European Union's characterization of the India-EU trade agreement as "historic" provided a constructive medium-term signal for India's external trade outlook, the absence of immediate clarity on implementation and fresh tariff rhetoric from U.S. President Donald Trump dampened any near-term optimism in domestic equities. This combination of global uncertainties and local economic pressures contributed to the subdued market performance.
Nifty 50 and Bank Nifty Technical Analysis
Nifty 50 Outlook
Ponmudi R, CEO at Enrich Money, commented on the Nifty 50's outlook, stating, "Today's candle formed a spinning-top type structure near a key support line, indicating indecision following a sharp decline rather than a confirmed reversal. The Relative Strength Index (RSI) remains deeply oversold near 28, suggesting oversold consolidation. The bias stays neutral to mildly bearish unless the Nifty 50 index decisively reclaims 25,300 on a closing basis. Buyers are active near lower demand zones, but sellers continue to dominate on every bounce. A sustained break below 25,130 could reopen downside toward 24,920 to 24,900. Currently, price action reflects consolidation after exhaustion, not a confirmed trend reversal, with the index posting its fourth consecutive weak close."
Bank Nifty Outlook
On the Bank Nifty, Ponmudi R added, "The Bank Nifty index formed a clear lower-high, lower-low structure on intraday charts, and the breakdown below 59,000 accelerated downside momentum toward 58,500. A minor rebound emerged from the rising slope support line, largely driven by short covering, but the recovery lacked conviction and failed to reclaim the breakdown zone. The index finally consolidated between 58,800 and 59,000, highlighting persistent supply at higher levels. The broader technical structure remains bearish, with upside restricted unless the index decisively regains 59,200 to 59,300. Failure to hold current levels may expose the index to further downside in the near term."
Gold and Silver Rates Analysis
Rahul Kalantri, VP Commodities at Mehta Equities, noted, "Rising U.S. 10-year bond yields, influenced by heavy selling in Japanese bonds, underpinned bullion prices. Meanwhile, continued weakness in the Indian rupee provided additional upside support. Gold rate today has support at $4695 to $4625, while resistance is at $4820 to $4860. The silver rate today has support at $92.10 to $89.75, while resistance is at $95.95 to $97.40. In INR terms, gold has support at ₹1,49,050 to ₹1,47,310, while resistance is at ₹1,51,950 to ₹1,54,470. Silver has support at ₹3,05,810 to ₹2,92,170, while resistance is at ₹3,30,810 to ₹3,35,470."
USD vs INR Outlook
Jateen Trivedi, VP Research Analyst — Commodity & Currency at LKP Securities, shared insights on the Indian Rupee against the US Dollar, saying, "Rupee traded weak below 91.60, down nearly 0.70%, as rising geopolitical tensions involving Europe and Greenland, along with fresh concerns over US tariff actions and the lack of a confirmed India–US trade deal, continued to weigh on sentiment. A sharp rally in bullion prices has further pressured the rupee by inflating the import bill. The currency is likely to remain volatile in a broad range of 90.90 to 92.00 in the near term."
Stocks to Buy Today: Expert Recommendations
Stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi; and Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher — recommended eight intraday stocks for today: Bharti Hexacom, Westlife Foodworld, L&T Finance, SAIL, IRCTC, Belrise Industries, Dabur India, and MRPL.
Sumeet Bagadia's Stock Recommendations
- Bharti Hexacom: Buy at ₹1646, Target ₹1760, Stop Loss ₹1590. BHARTIHEXA is currently trading at ₹1646. The stock is moving within a broader, range-bound trend, with recent price action suggesting the formation of a rounding bottom or base-building structure near the lower band of the range, indicating a possible shift from distribution to accumulation. Strong support is visible near the recent swing low zone, while resistance is placed near the previous breakdown area and the short-term moving average cluster.
- Westlife Foodworld: Buy at ₹504, Target ₹540, Stop Loss ₹486. WESTLIFE is currently trading at ₹504. The stock has been trending lower, but recent price action suggests a potential bottoming-out phase, with prices holding firmly near a strong demand zone. The structure points toward a gradual shift from weakness to stability, forming a possible base. Although the price remains below major EMAs, the shorter-term averages are stabilising, which often precedes a change in trend direction, reflecting growing investor confidence.
Ganesh Dongre's Buy or Sell Stocks
- L&T Finance: Buy at ₹281, Target ₹292, Stop Loss ₹275. In the recent short-term trend analysis, a notable bullish reversal pattern has emerged, suggesting a temporary retracement in the stock's price, potentially reaching around ₹292.
- SAIL: Buy at ₹146, Target ₹153, Stop Loss ₹142. The stock has exhibited a strong, notable, and continuous bullish pattern, offering another promising opportunity for short-term traders.
- IRCTC: Buy at ₹613, Target ₹632, Stop Loss ₹600. The stock has exhibited a strong, notable, and continuous bullish pattern, offering another promising opportunity for short-term traders. Currently priced at ₹613, it maintains strong support at ₹600.
Shiju Koothupalakkal's Intraday Stocks for Today
- Belrise Industries: Buy at ₹165, Target ₹176, Stop Loss ₹161. After a decent correction, the stock has arrived near the base of the rising channel pattern on the daily chart at ₹161, with a revival visible, suggesting further rise in coming sessions. The RSI has corrected to an attractive level, showing signs of improvement, and the chart looks technically good, indicating potential gains.
- Dabur India: Buy at ₹516, Target ₹540, Stop Loss ₹505. The stock has indicated a decent revival from the important 200-period MA at ₹502, moving past the 50 EMA at ₹510 to improve the bias, with further upward movement expected. The RSI is well placed and has picked up, indicating a positive trend reversal and signalling a buy.
- MRPL: Buy at ₹152, Target ₹162, Stop Loss ₹148. The stock has overall indicated a rising channel pattern on the daily chart, currently arriving near the base of the channel to take support near the 200-period MA at ₹142, with a decent revival visible, closing above the 50-EMA at ₹150 to improve the bias for further upward move. The RSI has slowly improved from the oversold zone, with upside potential visible.
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.
