📷 Image Credits: The Economic Times
The Indian stock market witnessed a positive trend on Wednesday, with the benchmark equity indices closing higher. The Nifty hit a fresh record closing level, supported by buying in power, capital goods, and industrial stocks. The BSE Sensex climbed 149.98 points to settle at 76,606.57, while the Nifty closed at 23,322.95, up 58.10 points. Despite encountering resistance around 23,400, the short-term trend remains positive, with the index consolidating within the 23,300-23,500 range.
In the stock recommendations for Thursday, Bajaj Finance is showing a robust recovery from its support range between 7,050 and 6,990. The stock’s price stability is supported by the long-term EMA levels, signaling a potential bullish outlook. Similarly, Cipla has witnessed a breakout of Rectangle Pattern, indicating an uptrend. The volume surge during the breakout suggests strong buyer interest in the security.
Moreover, NMDC Ltd has exhibited a rounding bottom formation on the daily chart, with a breakout signaling positivity for the stock. Jindal Steel & Power Ltd has also witnessed a robust resistance zone around 168, indicating significant buyer interest. Overall, the stock recommendations highlight potential upward movements in these securities.
Rupak De of LKP Securities emphasized the bullish momentum in Latent View and IBULHSGFIN, suggesting a positive outlook for these stocks. Technical analysts like Kunal Kamble and Kunal Shah have provided target prices and stop losses for various stocks, detailing potential uptrends and bullish indicators.
With the Indian market poised for further gains, investors can consider these stock recommendations for Thursday to capitalize on the positive momentum and potential price appreciation.
