Indian equity markets ended a volatile session nearly flat on Wednesday, with Nifty 50 edging up 9.75 points, or 0.04%, to 24,624.65, while Sensex slipped 31.59 points, by 0.04%, to 78,397.36. According to reports from MarketSmith India, early gains driven by softer crude prices and hopes of an Iran-U.S. de-escalation were pared back as fresh West Asia conflict and profit-booking set in. The RBI's rate panel held the repo rate steady at 5.25% and raised its FY27 growth estimate to 6.7% while trimming inflation forecast to 5%, offering a steady policy backdrop. Market breadth remained constructive with 1,974 stocks advancing, 1,394 declining, and 104 remaining unchanged. As per latest market data, Nifty Put-Call ratio declined to 0.91 from 0.99 in the previous session, indicating traders are selling more Put options than Call options, which generally indicates firming up of bullish sentiment.
MarketSmith India has issued two specific stock recommendations for August 6 trading. Aequs Ltd is recommended as a buy at current price of ₹240 with a target price of ₹280 in two to three months and stop loss at ₹227. The company is described as having strong aerospace manufacturing presence, diversified precision engineering business, and benefiting from aerospace demand recovery. Aster DM Quality Care Ltd is recommended as a buy at ₹834–846 with a target price of ₹950 in two to three months and stop loss at ₹790. The healthcare company is positioned as having strong hospital network, growing presence in India, and benefiting from rising healthcare demand.
As reported by MarketSmith India, Nifty 50 ended on a flat note after testing the upper boundary of its intermediate falling trendline, forming a bearish daily candle that reflects selling pressure at higher levels. The index continues to trade above its short- and medium-term moving averages, suggesting that the broader recovery structure remains intact. Brent crude holding below $80 along with a sixth straight day of foreign institutional buying lent further support to the markets. The India VIX fell 1.07% to 12.06 and remained below its short-term moving averages, signalling continued support for the bulls. As long as it stays below the 14–15 range, the bulls are unlikely to face any significant risk. Nifty 50 ended flat with a positive bias after witnessing another session of consolidation and range-bound trading, while consistently defending the 24,600 level on a closing basis on August 5. A decisive move above the 24,700–24,800 resistance zone may pave the way for an upmove towards the 25,000 mark, while immediate support is placed in the 24,500–24,400 zone.
According to latest options data, maximum Put writing was placed at the 58,100 strike (which added 68,340 contracts), followed by the 58,200 strike (46,530 contracts) and 58,500 strike (29,640 contracts). The maximum Put unwinding was seen at the 57,500 strike, which shed 37,950 contracts, followed by the 56,900 and 57,100 strikes, which shed 18,090 and 15,450 contracts, respectively. The Nifty Put-Call ratio declined to 0.91 on August 5, indicating traders are selling more Put options than Call options, which generally indicates the firming up of bullish sentiment. Maximum Call open interest was seen at the 25,000 strike (with 88.1 lakh contracts), followed by the 24,600 strike (79.19 lakh contracts) and 24,700 strike (74.08 lakh contracts). The maximum Put open interest holds at the 24,200 strike (with 53.17 lakh contracts), which can act as a key support level for the Nifty in the short term.
