Indian Stock Markets Extend Losses Amid Mixed Signals
The Indian equity benchmarks concluded Tuesday's trading session in negative territory, marking their third consecutive day of decline. This downward trend persisted despite generally positive indicators from global markets, as domestic factors continued to exert pressure.
The Nifty 50 index finished at 25,884.80, dropping 74.7 points or 0.28%, while the Sensex closed at 84,587.01, declining by 313.7 points or 0.36%. Market analysts observed that the markets are trading predominantly sideways, with inconsistent corporate earnings and derivative positions limiting significant movements, even when international cues appear supportive.
Market Drivers and Expert Outlook
Abhinav Tiwari, Research Analyst at Bonanza, highlighted that following the earnings season, investor attention will shift to several key factors. These include the upcoming US Federal Reserve policy decision in December, along with its commentary and expectations regarding potential interest rate cuts. Additionally, markets will monitor progress on the US-India trade agreement and crucial domestic macroeconomic indicators such as GDP, CPI, and IIP data.
Nilesh Jain, Head of Technical and Derivatives Research at Centrum Broking, provided technical perspective, noting that the Nifty 50 has been facing consistent selling pressure. The November series expiry proved uneventful as the index failed to breach the critical 26,000 resistance level, eventually settling below 25,900.
"A decisive move above 26,000 is now essential to trigger short covering and potentially fuel a rally toward 26,200," Jain explained. "Currently, the index is positioned tightly around its 21-day moving average at 25,850. A break below this support could lead to a steeper decline toward 25,700."
Expert Stock Recommendations for Wednesday
Market experts from leading brokerage firms have identified eight stocks for intraday trading on Wednesday. The recommendations come from Sumeet Bagadia of Choice Broking, Ganesh Dongre of Anand Rathi, and Shiju Koothupalakkal of Prabhudas Lilladher.
Sumeet Bagadia's Picks:
Jubilant Ingrevia Ltd: Buy at ₹725 with stop-loss at ₹700 and target price of ₹775. Bagadia notes the stock shows early bullish signs after completing a wave structure, with long-term MACD turning positive.
Aditya Birla Capital Ltd: Buy at ₹345 with stop-loss at ₹333 and target price of ₹370. The stock has broken out from consolidation with strong volumes and trades above all key moving averages.
Ganesh Dongre's Selections:
Dalmia Bharat Ltd: Buy at ₹2,010 with stop-loss at ₹1,970 and target of ₹2,060. The stock exhibits strong bullish patterns with solid support at ₹1,970.
KFin Technologies Ltd: Buy at ₹1,050 with stop-loss at ₹1,035 and target of ₹1,115. Shows notable bullish continuation pattern with support at ₹1,035.
Power Grid Corporation of India Ltd: Buy at ₹273 with stop-loss at ₹260 and target of ₹288. Demonstrates strong bullish pattern with support at ₹260.
Shiju Koothupalakkal's Choices:
Tourism Finance Corporation of India Ltd: Buy at ₹67.70 with target of ₹73 and stop-loss at ₹66. The stock has pulled back from support with RSI indicating positive reversal.
Ather Energy Ltd: Buy at ₹684.95 with target of ₹725 and stop-loss at ₹670. Shows improvement with decent pullback and positive RSI signal.
Hero MotoCorp Ltd: Buy at ₹6,080 with target of ₹6,320 and stop-loss at ₹5,970. Has broken above resistance at 6,040, indicating fresh upward momentum.
Disclaimer: The views and recommendations above are from individual analysts and broking companies, not Mint. Investors should consult certified experts before making investment decisions.
