Indian Stock Market Update: Nifty and Sensex Break 8-Day Losing Streak
India’s benchmark indices, the Nifty and Sensex, ended their eight-day losing streak, led by private banks, auto, and IT stocks. The broader Nifty closed Wednesday’s session with a strong bullish candlestick following the RBI policy outcome and auto sales data.
Technical Analysis of Nifty
Commenting on the day’s action, Vatsal Bhuva, Technical Analyst at LKP Securities, said the Nifty reclaimed levels above its 100-day EMA at 24,750, which had previously acted as resistance. “The index has also retraced 61% of the Fibonacci move between the September 1 low and September 18 high at 25,453. On the derivative front, heavy put writing at 24,700–24,800 suggests a higher base, with maximum OI at 25,000. Overall, sentiment has turned positive, with support at 24,700 and resistance at 25,000–25,100,” Bhuva added.
Stock Ideas for Indian Investors
Based on the current market trends and technical analysis, here are some stock ideas for Indian investors:
- Hindustan Zinc: Buy for up to 9% gains
- Fortis Health: Buy for up to 8% gains
- Tata Motors: Buy for up to 7% gains
- Larsen & Toubro: Buy for up to 6% gains
Market Outlook and Trends
The Indian stock market is expected to remain volatile in the coming days, with the RBI policy outcome and auto sales data being the key drivers of market sentiment. The Nifty is expected to face resistance at 25,000-25,100, while support is seen at 24,700.
Indian investors can consider buying stocks like Hindustan Zinc, Fortis Health, Tata Motors, and Larsen & Toubro, which are expected to give up to 9% gains in the short term. However, it is essential to do your own research and consult with a financial advisor before making any investment decisions.
Conclusion
In conclusion, the Indian stock market has broken its eight-day losing streak, led by private banks, auto, and IT stocks. The Nifty has reclaimed levels above its 100-day EMA, and sentiment has turned positive. Indian investors can consider buying stocks like Hindustan Zinc, Fortis Health, Tata Motors, and Larsen & Toubro, which are expected to give up to 9% gains in the short term.
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