Indian benchmark indices closed higher on Wednesday after a day off, buoyed by bank and automotive stocks, particularly driven by HDFC Bank. The S&P BSE Sensex finished at 80,234.08, gaining 230.02 points or 0.29%, while the broader Nifty wrapped up at 24,274.90, up by 80.40 points or 0.33%.
Rupak De, Senior Technical Analyst at LKP Securities, noted the day’s trading activity, stating that Nifty has been in a consolidation phase over the last three days after a significant upward movement. “On the upside, there is resistance at 24,420; a breakout beyond this point could lead to a notable upward shift. On the downside, support is at 24,100. The index is expected to remain within a range until it establishes a clear direction,” De mentioned.
Buy Recommendations:
- Healthcare Global Enterprises at Rs 501.40 Target Price: Rs 530Stop Loss: Rs 487
- Capacite Infraprojects at Rs 420.95 Target Price: Rs 450Stop Loss: Rs 405
- IREDA at Rs 198.40 Target Price: Rs 230/240Stop Loss: Rs 181
- HAL at Rs 4486 Target Price: Rs 5,100/5,200Stop Loss: Rs 4,200
- CDSL at Rs 1,622 Target Price: Rs 1,900/2,000Stop Loss: Rs 1,500
(Disclaimer: The recommendations, suggestions, views, and opinions expressed by the experts are their own and do not reflect the opinions of Narayan Ventures.)