The Indian stock market saw mixed results on Wednesday. The Sensex gained 0.19% to close at 79,105.88, while the Nifty 50 ended just 0.02% higher at 24,143.75 points. IT stocks performed well due to data showing that US producer prices rose less than expected in July, suggesting the US economy is slowing. This raised hopes that the Federal Reserve might lower interest rates in September.
However, profit booking and concerns about inflation, especially in housing, also affected the market. As a result, traders were cautious, and the market moved within a narrow range, reflecting a lack of clear momentum.
Osho Krishan, a Senior Analyst at Angel One, highlighted the importance of key moving averages. He mentioned that the market is currently trading between 23,900 and 24,500, with 24,000 being a strong support level and 24,350 as a significant resistance. The market may see a major move if it breaks out of this range.
Despite the overall bearish tone, there are still opportunities in specific stocks. For Friday, Osho Krishan recommended buying shares of BSE Ltd and Welspun Corp Ltd.
BSE Ltd:
The stock recently fell from its all-time high and is now showing signs of strength. Osho suggests buying BSE Ltd around ₹2,540-2,520, with a stop loss at ₹2,380 and a target of ₹2,800-2,870.
Welspun Corp Ltd:
The stock has broken out after a period of consolidation and is trading above its key moving averages. Osho recommends buying Welspun Corp on dips around ₹650-640, with a stop loss at ₹595 and a target of ₹750.
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