Nifty50 Surges Past 25,000! Expert Stock Picks for Wednesday: Indraprastha Gas, Inox Wind, JSW Steel & More

On Tuesday, the Indian stock market continued its upward trend for the second day in a row. The Nifty 50 index gained 0.42%, finishing above the 25,000 mark at 25,041 points. The BSE Sensex also rose by 0.43%, closing at 81,912 points.

Nifty 50 Outlook for Wednesday

Rupak De, Senior Technical Analyst at LKP Securities, shared his outlook on Nifty 50 for today. He noted that Nifty was volatile on Tuesday and struggled to stay above 25,100. The Relative Strength Index (RSI) showed a bearish trend, suggesting weakness might continue. He added that unless Nifty closes above 25,100, market sentiment could remain weak. On the downside, support is expected at 24,900. If this level is broken, the index might drop further to 24,750.

Bank Nifty Outlook

Regarding Bank Nifty, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd., mentioned that the index opened positively and maintained support at the 50-day moving average. It ended the day on a positive note at 51,272. He explained that if Bank Nifty can hold above 51,400, it could rally towards 51,800-52,000 in the short term. The 50-day Exponential Moving Average (DEMA) around 50,950 offers immediate support, followed by a key level of 50,370.

Top Stocks to Buy Today

Stock market experts Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, have recommended five stocks to consider buying today:

1. Inox Wind
   Buy at ₹241.52, target ₹255, stop loss ₹233
   Inox Wind recently broke through a resistance zone between ₹222 and ₹235 on its daily chart. This breakout, combined with increasing volume and positive RSI readings, suggests strong upward momentum. The stock is trading above key moving averages, indicating continued bullish sentiment.
2. Laurus Labs
   Buy at ₹506.7, target ₹535, stop loss ₹488
   Laurus Labs has shown a higher high and higher low pattern on its daily chart, breaking through resistance and forming a strong bullish momentum candle. With increasing volume and a positive RSI, the stock’s outlook remains favorable. Laurus Labs is also trading above its key moving averages, supporting its bullish trend.
3. Indraprastha Gas
   Buy at ₹540, target ₹560, stop loss ₹525
   The stock has formed a bullish reversal pattern, suggesting a potential rise towards ₹560. It is currently holding support at ₹525, making this an attractive buy opportunity.
4. MTAR Technologies
   Buy at ₹1810, target ₹1875, stop loss ₹1775
   MTAR Technologies broke out at ₹1810, signaling a potential upward trend. The RSI is showing strong buying momentum. Traders can consider entering at dips and setting a stop loss at ₹1775.
5. JSW Steel
   Buy at ₹938, target ₹970, stop loss ₹922
   JSW Steel is forming a bullish rounding bottom pattern on its short-term chart, indicating an upward trend. The current price of ₹938 presents a buying opportunity, with a stop loss at ₹922.

Conclusion

Today’s trade setup suggests that while Nifty 50 may face near-term challenges unless it closes above 25,100, key stocks like Inox Wind, Laurus Labs, and JSW Steel present strong buying opportunities backed by technical patterns and indicators. Keep an eye on support and resistance levels as you make your trading decisions.