Stock Market Update: The Sensex and Nifty 50 closed higher on Wednesday, thanks to gains in consumer stocks and Reliance Industries. Domestic IT stocks also rose, boosted by hopes of rate cut signals from the Federal Reserve minutes.
The S&P BSE Sensex went up by 0.36% to 74,221.06, while the NSE Nifty 50 increased by 0.31% to 22,597.8 points.
On Wednesday, the India VIX, which measures market volatility, fell by 1.6% to 21.5, indicating low volatility. With a positive medium-to-long-term outlook for the domestic market, investors are now focusing on stock fundamentals instead of election concerns.
According to a CNBC report, Federal Reserve members are uncertain about when to cut interest rates due to concerns about inflation. The minutes from the Federal Open Market Committee’s April 30-May 1 meeting revealed this uncertainty.
Nifty 50 Outlook by Vaishali Parekh
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, noted that the Nifty 50 has been rising steadily over the past 3-4 sessions, reaching the 22,600 level. The index is expected to continue this positive trend, targeting the 22,900 level, with 22,300 as a key support zone.
Bank Nifty Outlook
Bank Nifty saw some profit-taking, dropping to the support zone of 47,400 but recovered to close near 47,800. To confirm a further rise to 49,600 and 49,900 levels, the index needs to move past 48,300 decisively. The support for the day is at 47,500, and resistance is at 48,200.
Vaishali Parekh’s Stock Recommendations
Vaishali Parekh recommends buying the following three stocks today:
- TD Power Systems Ltd:
- Buy at ₹352.10
- Stop loss: ₹345
- Target: ₹368
- Granules India Ltd:
- Buy at ₹426.80
- Stop loss: ₹418
- Target: ₹447
- Westlife Foodworld Ltd:
- Buy at ₹866.90
- Stop loss: ₹848
- Target: ₹900
Nifty Spot Index
- Support: 22,450
- Resistance: 22,700
Bank Nifty Spot Index
- Support: 47,500
- Resistance: 48,200
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