Indian Stock Market Ends Lower for Fifth Consecutive Session

On Thursday, the Indian stock market faced significant downturns for the fifth consecutive session, influenced by weak global sentiments. The Nifty 50 index experienced a notable decline of 345 points, closing below the 22,000 mark at 21,957. Similarly, the BSE Sensex plummeted by 1062 points, settling at 72,404. Additionally, the Bank Nifty index, reflecting the banking sector’s performance, nosedived 533 points, reaching a level of 47,487. Despite this downturn, cash market volumes on the NSE surged to ₹1.02 lakh crore.

Insights into Market Dynamics and Trends

While the Nifty 50 index closed near the support level of 21800–21900, there’s anticipation for potential upward movement if it maintains this support level. Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, suggests that the next resistance for the Nifty spot could be at 22500-22600. Meanwhile, the Bank Nifty also witnessed profit booking and is currently in the oversold zone. Dongre predicts that the upcoming resistance for Bank Nifty stands at 48,500, with support at 47,500.

Analysis of India VIX and Future Projections

Sumeet Bagadia, Executive Director at Choice Broking, highlights the India VIX’s behavior, indicating a range of 17 to 19. Despite breaching the 19 mark momentarily, it retraced later. Bagadia suggests that a decisive breach above 19 could trigger a strong upside, possibly reaching 22 in the short term.

Expert Recommendations for Trading

Renowned experts Sumeet Bagadia and Ganesh Dongre offer insights into potential stock picks for trading:

Sumeet Bagadia’s Recommendations:

1. Infosys: Buy at ₹1439.50, target ₹1512, stop loss ₹1400.
2. Sun TV: Buy at ₹656.80, target ₹704, stop loss ₹629.

Ganesh Dongre’s Recommendations:

3. ITC: Buy at ₹429, target ₹440, stop loss ₹418.
4. Aegis Logistics: Buy at ₹580, target ₹630, stop loss ₹560.
5. TVS Motor: Buy at ₹2065, target ₹2150, stop loss ₹2010.

These recommendations are backed by thorough analysis and market trends, providing traders with valuable insights into potential investment opportunities.