The Indian stock market ended lower on Wednesday amid profit-booking and caution ahead of the US Personal Consumption Expenditures Price Index data for July. According to reports from Mint, the Nifty 50 rose to near 24,380 during the session but failed to hold gains, ending 127 points, or 0.52%, lower at 24,208 amid selling pressure at higher levels. As reported by Kotak Securities, Amol Athawale, VP - Technical Research, noted that the index formed a bearish candle on the daily chart, indicating further weakness. The intraday market texture remains weak, but fresh selling is likely only below 24,150. Below this level, the index could slide to 24,000-23,950, while above 24,300, the rally could extend to 24,500-24,550.
Amol Athawale recommends Bank of Maharashtra as a short-term buy with a previous close of ₹85.60, target price of ₹92, and stop loss at ₹83. According to Kotak Securities, Bank of Maharashtra shares have been trading range-bound after correcting from higher levels but gave a range breakout move in the recent session. The closing above the resistance line indicates that further bullish momentum is likely to continue from current levels. For the next few trading sessions, ₹83 could be the trend decider level for the bulls, with sustained trading above this level expected to drive the stock towards ₹92.
Athawale recommends Grasim Industries with a previous close of ₹3,299.90, target price of ₹3,540, and stop loss at ₹3,190. As reported by Kotak Securities, after the upward rally, Grasim Industries shares have been consolidating within a symmetrical triangle pattern on the daily chart. The presence of higher lows highlights sustained buying interest and underlying strength, suggesting a potential breakout ahead. The key level to monitor is ₹3,190, which acts as immediate support, with a decisive move beyond the consolidation range potentially triggering further upside towards ₹3,540.
According to Kotak Securities, Lupin shares are near their multiple support zone after a short-term price correction with a previous close of ₹2,185, target price of ₹2,350, and stop loss at ₹2,120. The incremental volume activity and inverted hammer candlestick formation near the support zone indicate that the downside is limited, with the stock expected to rebound and see bullish momentum from current levels. For positional traders, ₹2,120 would be the decisive level, with trading above this uptrend formation continuing till ₹2,350, while a close below ₹2,120 may prompt traders to exit long positions.
As reported by Kotak Securities, the overall market texture remains non-directional, making level-based trading the preferred strategy for day traders. Athawale emphasized that traders should focus on technical levels and support/resistance zones rather than broader market movements. The strategy involves identifying key levels for each stock and maintaining disciplined risk management through proper stop-loss placement. The recommendations are designed for the next 1-2 weeks, with specific entry points and exit strategies outlined for each security. Short-term stock investing offers opportunities for quick returns but comes with higher risks due to market volatility and frequent price changes, requiring careful research and disciplined approach.
