After four days of heavy selling, technical analyst Rohit Srivastava of Strike Money Analytics believes the market may have found its bottom at 23,262. According to The Economic Times, his proprietary sentiment indicators are flashing an oversold signal — a classic precursor to a meaningful recovery. The Nifty 50 touched a low of 23,262 during the recent selloff before finding tentative footing. Srivastava told ET Now that "the sense is that this is the bottom we should slowly start moving up from here," adding that clearing the 23,800 level would be the first confirmation that a meaningful upswing is underway. For Srivastava, "that number is significant; proprietary sentiment gauges have reached extreme oversold territory, a condition that has historically preceded sharp recoveries."
The Indian rupee has hit a record low as foreign exchange outflows and oil price pressures continue to strain the currency. According to The Economic Times, Barclays analysts maintain their year-end USD/INR forecast at 96.80, while noting that "the Reserve Bank of India may still enact further measures in the weeks ahead, though we still think that hiking rates to defend the INR will remain a last resort." RBI Governor Sanjay Malhotra stated on Tuesday that India's monetary policy can look through temporary supply shocks but the central bank may need to act if inflationary pressures become entrenched. While India has so far kept fuel prices unchanged, the government may need to raise them if the conflict drags on, Malhotra added.
Despite market volatility, brokerages continue to identify selective opportunities across sectors. Nuvama has upgraded Oberoi Realty Ltd to Buy from Hold, assigning a target price of ₹1,902, suggesting a potential upside of around 16% from the current market price of ₹1,633. Other notable upgrades include Motilal Oswal Financial Services maintaining a Buy rating on Canara Bank with a revised target of ₹160 (24% upside potential), and Goldman Sachs reiterating its Buy rating on Godrej Consumer Products Ltd with a target of ₹1,350 (33% upside potential). Elara Securities has maintained Buy ratings on PVR INOX Ltd (₹1,300 target, 27% upside) and Birla Corporation Ltd (₹1,328 target, 25% upside). As per The Economic Times, brokerages maintain a broadly positive stance driven by earnings visibility and valuation comfort.
From the 23,800 level confirmation, Srivastava sees a gradual path toward 24,800–25,000 over the coming weeks, with the Nifty potentially retesting its all-time highs near 26,000 by the latter half of June. As reported by The Economic Times, he cautioned that "it is not going to be a straight line" and acknowledged the one wildcard: unexpected geopolitical developments that remain impossible to model but could disrupt the technical setup at any point. The recovery timeline suggests a measured climb rather than a vertical spike from current levels. Srivastava explained that "Once we cross 23,800, we will head towards 25,000 — and eventually, maybe by June, we can look at retesting the highs closer to 26,000."
The Indian stock market benchmarks ended with modest gains on Wednesday, snapping their three-day losing streak. According to latest reports, the Sensex closed 49 points higher at 74,608, gaining 0.07%, while the Nifty 50 rose 33 points to end at 23,412, up 0.14%. This recovery came after Tuesday's dramatic decline when the Sensex had crashed over 1,200 points to settle above 74,700, and the Nifty tumbled more than 380 points to close at 23,429. The early morning session showed positive momentum with the BSE Sensex opening around 74,539 and climbing about 75 points, while the NSE Nifty50 started near 23,374 and gained over 17 points. Global markets traded cautiously while currencies were largely rangebound, with technology-sensitive shares gaining as AI optimism dwarfed concerns over stalled Washington-Tehran negotiations.
The market recovery was led by specific sectoral movements and individual stock performances. In the 30-share BSE Sensex, top gainers included Asian Paints, Tata Steel, Adani Ports, Bharat Electronics Limited and Bharti Airtel, while laggards included Infosys, Mahindra & Mahindra, Sun Pharmaceuticals, Tech Mahindra and Tata Consultancy Services. The broader markets showed mixed performance with the Nifty Midcap 100 rising 0.77% as volatility remained low. Sectorally, Nifty Metal jumped 3.18% while Nifty IT declined 1.13%, indicating selective buying interest across different market segments. Additionally, wealthy investors are making significant moves, pouring over $1 billion into ten select stocks, with data showing these high-net-worth individuals are strategically picking specific retail and engineering companies, even as their overall portfolio value has decreased.
