The Indian stock market experienced severe selling pressure on Wednesday, with both benchmark indices declining by over 2% as escalating US-Iran tensions weighed heavily on investor sentiment. According to latest reports, the BSE Sensex plunged 1,677.12 points, or 2.15%, to close at 76,503.60, while the NSE Nifty 50 dropped 516.65 points, or 2.12%, to settle at 23,882.05. This marked the steepest single-day decline for both indices since late March. However, Indian benchmark indices are expected to open higher on Thursday, supported by short-covering following Wednesday's sharp decline, though investor sentiment remains cautious amid renewed geopolitical tensions. Gift Nifty is trading around 23,976.5 level, a premium of 64.3 points from the Nifty futures' previous close of 23,912.20, indicating a positive start for Thursday's session.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, noted that Nifty after a weak gap down opening, further crashed heavily post the lunch session, breaching below the 24000 zone and closed near the 23900 level with bias and sentiment once again turning into a very cautious mode. As reported by Mint, the index would need to sustain the near-term support of the 23,800 zone, failing which there can be intensified selling pressure with pessimism creeping in and having the next major support positioned near the 23,000 zone. On the upside, once the 24,200 zone is sustained and stability is confirmed, fresh upside targets can be expected. The support for the day is seen at 23,700 levels, while the resistance is seen at 24,200 levels. Ajit Mishra from Religare Broking adds that the Nifty 50 has slipped decisively below the key support zone of 24,000–24,150 and fallen beneath its major moving averages, with the next crucial support placed in the 23,650–23,800 zone.
According to Mint reports, the Bank Nifty after finding resistance near the 58500 zone, tanked heavily with a huge bearish candle visible on the daily chart moving below the important 200-period MA at 57200 zone with bias weakening and sentiment once again precariously. The index would need a decisive breakout above the 57,200 level to trigger a fresh upward move, while on the downside, it would have the important support near the 56,600–56,500 region which needs to be sustained, failing which the trend would turn slightly weak and can expect for further slide having the major and crucial support near 53500 level for the coming days. Ponmudi R from Enrich Money believes the Bank Nifty continues to trade with a weak near-term bias, reflecting sustained selling pressure after slipping below key support levels. A sustained move above the 57,600 resistance zone could improve sentiment and pave the way for a recovery towards the 58,000 psychological level.
Vaishali Parekh recommended three buy-or-sell stocks for Thursday trading. As reported by Mint, Multi Commodity Exchange Of India is recommended as a buy at ₹2690 with a target of ₹2800 and stop loss at ₹2640. For Moschip Technologies, the recommendation is to buy at ₹227 with a target of ₹245 and stop loss at ₹220. Additionally, Pondy Oxides and Chemicals is recommended as a buy at ₹1450 with a target of ₹1520 and stop loss at ₹1420. Market experts have now expanded these recommendations to include FSN E-Commerce Ventures (Nykaa) at ₹318 with target ₹342 and stop loss ₹307, Jammu & Kashmir Bank at ₹166 with target ₹179 and stop loss ₹160, Oil and Natural Gas Corporation (ONGC) at ₹247 with target ₹256 and stop loss ₹238, Multi Commodity Exchange (MCX) at ₹2,742 with target ₹2,840 and stop loss ₹2,680, Gail (India) at ₹169 with target ₹175 and stop loss ₹164, Ather Energy at ₹1,200 with target ₹1,250 and stop loss ₹1,172, and Anant Raj at ₹544.75 with target ₹574 and stop loss ₹530. These recommendations are provided for educational purposes only and investors are advised to consult certified experts before making investment decisions.
