Indian markets traded in a volatile range on Wednesday, extending their cautious tone amid renewed geopolitical concerns and mixed domestic factors. According to reports from Business Standard, the Nifty closed at 24,435.95, down 0.15%, while the Sensex ended at 77,966.35, lower by 0.24%. After a weak opening, the Nifty remained under pressure during the first half of the session and briefly slipped below the crucial 24,350 support level before staging a sharp recovery in the final hour. Sectoral participation remained mixed, with banking and metal stocks edging higher, while IT and FMCG witnessed some profit-taking.
Technically, the Nifty staged a smart recovery after briefly breaching the crucial 24,350 support level, which coincides with the moving-average ribbon. As reported by Religare Broking's Ajit Mishra, the 24,000-24,200 zone has emerged as the next major support for Nifty. Going ahead, sustainability above the current support zone will be critical to maintain the prevailing positive bias. Failure to hold above this level could lead to renewed consolidation, with the identified support zone representing the key level to watch for market direction.
According to the technical analysis from Religare Broking, Indian Bank is showing a constructive bullish structure after rebounding from a key demand zone while sustaining above its medium- and long-term moving averages. The stock has reaffirmed the prevailing uptrend with a recent breakout above a declining trendline, accompanied by improving volumes and a higher high–higher low formation. The recommendation is Buy with a target of ₹960 and stop loss at ₹863, with the stock currently trading at ₹897. Momentum indicators continue to improve, supporting further upside potential.
PB Fintech continues to exhibit a robust bullish structure, supported by a decisive recovery from its recent consolidation phase, with a recommendation of Buy, target ₹1,860, and stop loss ₹1,675. The stock has reclaimed and sustained above key moving averages, confirming improving trend strength. Similarly, Shriram Finance shows a strong long-term uptrend, trading well above all key moving averages, with a recommendation of Buy, target ₹1,195, and stop loss ₹1,075. The stock has confirmed a breakout from a multi-month consolidation and has gradually scaled to fresh record highs, indicating the commencement of the next leg of the upward move.
Investor sentiment remained subdued as Brent crude hovered around the $89 per barrel mark amid renewed tensions in the Middle East and fresh attacks on shipping, raising concerns over global energy supplies. According to Religare Broking's assessment, participants also remained cautious ahead of key domestic and US inflation data, which could provide fresh cues on the global interest-rate trajectory. Given the prevailing uncertainty, the recommendation is to maintain a cautious, stock-specific approach, focusing on relatively stronger sectors and utilizing market declines selectively while maintaining disciplined risk and position management.
