Domestic stock markets ended with strong gains on Wednesday as oil prices slipped below the $100 a barrel mark while news of a likely trade deal between the US and India lifted sentiments. According to reports from The Economic Times, Nifty has sustained below the 50EMA on the daily chart for eight consecutive sessions, keeping the bearish trend intact. However, technical analysts suggest potential recovery signs are emerging, with Nifty's RSI in a bearish crossover indicating weak momentum but early signs of reversal forming on lower timeframes. As per LKP Securities, a closer view of the Nifty chart suggests the possibility of a meaningful recovery from current levels, with the index starting to form higher lows which might be an early sign of potential reversal.
Hindustan Zinc Limited (HZL) is showing a gradual recovery with price reclaiming key levels, as reported by The Economic Times. The stock is trading at Rs 638-642 with an upside potential of 9% and target of Rs 700. Technical analysts note that the structure indicates a potential breakout from consolidation phase, supported by RSI sustaining above 60, reflecting strengthening momentum. The stock has immediate support placed near ₹600 with a stop loss recommended at Rs 610. According to Jainam Broking, the stock has rebounded from lower levels near Rs 6300–Rs 6500 and is now consolidating just below its recent swing highs, suggesting a potential continuation of the uptrend with price trading above the middle Bollinger Band and approaching the upper band.
Vedanta Limited is in a strong uptrend, forming higher highs and higher lows while trading well above all key EMAs, according to The Economic Times. The stock is trading at Rs 315-316 with a 4% upside potential and targets of Rs 325-330. Technical analysis shows the stock is approaching the upper boundary of a rising channel near Rs 320, which may act as short-term resistance. With RSI around 65–70 supporting positive momentum, analysts recommend a buy-on-dips strategy as long as price sustains above Rs 300. As per Jainam Broking, the stock is trading above its short- to medium-term moving averages (5, 15, and 20 EMA), which are all sloping upward, reinforcing positive momentum with the RSI around 63 indicating healthy momentum without being overbought.
For the broader market outlook, as reported by The Economic Times, support is placed at 23,880 for Nifty, below which weakness could intensify. In the short term, the index may move higher with a potential upside towards 24,285–24,350. Technical analysts suggest that while the overall trend remains bearish, the formation of higher lows on lower timeframes indicates early signs of potential reversal from current levels. According to LKP Securities, in the short term, the index may move higher with a potential upside towards 24,285–24,350, while on the downside, support is placed at 23,880, below which weakness could intensify.
