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The Indian stock market saw a positive trend following a rally in banking stocks on Tuesday. The Nifty 50 index reached a new lifetime high for the 34th time in 2024 before closing at the 23,721 mark. The BSE Sensex and Bank Nifty index also saw significant gains, closing at 78,053 and 52,606, respectively. While the cash market volumes on the NSE rose by 3 percent to ₹1.25 lakh crore, the broad market indices ended marginally negative.
Looking ahead to Wednesday’s trade setup, experts provide insights into the market trends. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, highlighted the positive short-term trend of the Nifty and identified potential upside levels around 24,000, with immediate support at 23,550. On the other hand, Om Mehra, Technical Analyst at SAMCO Securities, noted the Bank Nifty’s new lifetime high and the strong buying interest in the market.
With the market focus shifting towards Budget 2024, Siddhartha Khemka from Motilal Oswal emphasized expectations for fiscal consolidation and growth-oriented measures in the upcoming budget. This anticipation is expected to maintain positive momentum in the market as the event approaches.
In terms of stock recommendations, experts Sumeet Bagadia and Ganesh Dongre proposed buying five stocks: Axis Bank, GRSE, IndiGo, Havells India, and DLF. Each stock came with specific buy targets, stop-loss levels, and technical analysis to guide investors on potential trading strategies.
As the market consolidates, analysts like Ajit Mishra from Religare Broking Ltd. and Ruchit Jain from 5paisa.com provide insights into the overall bullish trend in the Nifty 50. Mishra pointed out recent time-based corrections, while Jain highlighted stock-specific positive momentum amid political stability.
As traders navigate the market, watching for global cues and major events, the sentiment remains generally positive. With key levels and support zones identified for Nifty and Nifty Bank, traders can assess positions for potential buying opportunities. The market continues to show resilience, with indices closing at record highs and ongoing momentum in specific sectors like technology and banking.
