The Indian stock market showed signs of recovery after a volatile week, with the Nifty 50 rebounding 0.64% to close at 24,231.85 on Thursday, snapping a seven-session losing streak. According to reports from Live Mint, this recovery came after the US Treasury announced plans to double purchases under its long-dated debt-buyback programme to at least $4 billion per operation, which initially pushed Treasury yields lower and weakened the dollar. Sumeet Bagadia, Executive Director at Choice Broking, believes the broader recovery structure remains intact, with the Nifty 50 continuing to hold above the rising short-term trendline and the 24,000–24,050 support zone. Indian equities are set for a firm start on Wednesday, with GIFT Nifty signalling a higher opening after the benchmark indices delivered their strongest close since the introduction of the Closing Auction Session (CAS).
As reported by Live Mint, Bagadia noted that the Nifty 50 remains below its 50-day moving average near 24,376, while RSI stands at 49.09, below its average of 54.00, indicating neutral momentum. India VIX rose 4.09% to 11.20, suggesting modest volatility pickup. The derivatives setup shows PCR at 1.08, indicating a relatively balanced-to-positive setup, with the highest Put OI concentration around 24,300–24,200 providing downside cushion, while Call OI around 24,350–24,500 may restrict the upside. The 24,100–24,180 zone now serves as immediate support, with 24,000 as key broader support, and a sustained move above 24,400–24,450 would confirm further strength and could open the door to higher levels.
According to Live Mint, Bagadia noted that despite the rebound, the Bank Nifty remains within its broader consolidation range and continues to trade around its short-term moving averages. The rising trendline continues to provide underlying support, with 57,200–57,360 forming the immediate support zone, while 57,700–57,850 remains the key resistance area. Holding above 57,200 would keep the current recovery structure intact, while a sustained breakout above 57,850 could trigger fresh buying momentum. Until then, the index is likely to remain range-bound with the next directional move dependent on a decisive breakout or breakdown. The index closed at 57,783.75, gaining 269.55 points (+0.47%) after opening higher and witnessing buying interest during the first half of the session.
As reported by Live Mint, Bagadia recommends five breakout stocks for Wednesday trading: Rossell Techsys at ₹1,100 with a target of ₹1,190 and stop loss at ₹1,048, Yatharth Hospital & Trauma Cre Srvcs at ₹965 with a target of ₹1,050 and stop loss at ₹910, Indigo Paints at ₹1,186 with a target of ₹1,280 and stop loss at ₹1,125, Lumax Industries at ₹6,160 with a target of ₹6,700 and stop loss at ₹5,785, and Kross at ₹218 with a target of ₹235 and stop loss at ₹205. These recommendations are based on technical breakout patterns and improved market momentum, with the improvement in technical momentum being reinforced by a more supportive global backdrop, led by easing crude oil prices and a resilient US stock market.
According to Live Mint, Bagadia emphasizes that the index remains range-bound with a cautiously positive bias above the key support zone. The highest Put OI concentration around 24,300–24,200 provides downside cushion, while significant Call OI between 24,300–24,500 acts as overhead resistance. A sustained move above the 24,400–24,450 zone would confirm further strength and could open the door to higher levels, while failure to hold 24,180–24,100 may prompt profit booking. The near-term bias has turned cautiously positive, with the improvement in technical momentum being reinforced by a more supportive global backdrop, led by easing crude oil prices and a resilient US stock market, providing investors with a stronger foundation than in recent weeks.
