The Indian stock market is set to open lower on Wednesday, with the Gift Nifty trading at 23,882, down 97 points from the previous close of Nifty futures at 23,978.90. According to reports from LiveMint, this muted indication follows benchmark indices ending lower on Tuesday, with the BSE Sensex falling 479 points (0.63%) to 76,009.70 and the Nifty 50 declining 118 points (0.49%) to 23,913.70. The decline snapped a two-day winning streak amid profit-taking, weak global cues, and a rebound in crude oil prices.
As reported by LiveMint, Nifty 50 closed below the 24,000 levels during the monthly expiry, which is not considered a positive sign for the immediate term. Market analyst Jay Thakkar from ICICI Securities identifies 24,100 as the immediate hurdle and 23,800 as immediate support. The India VIX has closed above 16 levels, indicating continued market uncertainty, though a close below 16 could shift the range to 16-13 levels. According to Thakkar's analysis, there is higher probability of upside movement, with potential targets at 24,600 levels if Nifty manages to break above 24,100.
According to Jay Thakkar's recommendations from ICICI Securities, three stocks are identified for near-term trading opportunities in the F&O segment. Mphasis Futures is recommended in the ₹2,290-2,310 range with a stop loss below ₹2,230 and targets of ₹2,420-2,480. The rationale includes confirmation of higher tops and bottoms with scope for short covering in the IT sector. Glenmark Pharmaceuticals Futures is suggested in the ₹2,360-2,380 range with stop loss below ₹2,320 and targets of ₹2,480-2,520, based on the stock taking support at breakout levels and options data showing call base at 2,400 strike. Ambuja Cements Futures is recommended in the ₹445-448 range with stop loss below ₹434 and targets of ₹465-475, following the stock's breakout from a falling channel with significant short covering expected.
As reported by LiveMint, broader markets continued to outperform with the BSE 150 Midcap Index gaining 0.33% and the BSE 250 Smallcap Index advancing 0.21%. The total market capitalisation of BSE-listed companies remained largely steady at around ₹469 lakh crore. However, market sentiment remains cautious due to ongoing uncertainty surrounding a potential US-Iran peace agreement, with fresh reports of US military operations in southern Iran pushing crude oil prices higher. The geopolitical uncertainty and elevated energy prices continue to create a risk-averse market environment, with investors remaining on the sidelines.
