Stock market recap: On Wednesday, Indian equities slipped in a range-bound session, failing to build on the previous day’s recovery. T
he Nifty 50 fell 126.80 points or 0.52% to close at 24,207.75, settling near the day’s low and around the crucial 24,200 mark. The Sensex also declined 183.15 points or 0.24% to finish at 77,472.94. Markets opened flat and gained some momentum during the morning, but selling pressure in the afternoon erased intraday gains, leaving benchmarks weaker at close.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
JSWSTEEL (Cmp 1341)
- Why it’s recommended: JSW Steel Limited is a major flagship steel manufacturing company based in Mumbai. Since June 2026 the stock has been making slow and steady upward trajectory indicating accumulation as the prices take support at the Kijun Sen lines and are slowly heading higher. The surprise in Q1 numbers has triggered a new wave of upward trajectory and the revival are adding to the buying interest that is generating a upward bias. The long body candle thrust that is seen in the last two trading sessions has been attracting attention. With the Relative Strength Index firmly inching higher , it can lead to some strong upward move in the coming weeks. Go long.
- Key metrics:
- P/E Ratio : 37.15,
- 52-week high: ₹267,
- Volume: 5.61M
- Technical analysis: Support at ₹1225, resistance at ₹1500.
- Risk factors: Chinese overcapacity & cheap imports, global trade barriers & tariffs and foreign exchange (forex) exposure.
- Buy: above ₹1345.
- Stop loss: ₹1265.
- Target price: ₹1475 (2 Months)
ANTHEM (Cmp 923.05)
- Why it’s recommended: Anthem Biosciences Limited is an Indian contract research, development, and manufacturing organization (CRDMO) that provides integrated services for the pharmaceutical and biotechnology industries. The recent surge since its Q1 numbers have resulted in the prices tread into an important zone. The strong body candle after the recent sideways drift are indicating a strong thrust higher. However, a strong deal combined with the recent revival in the Pharma sector helped its upside aspirations. With the prices are reflecting a sustained buying we should consider going long.
- Key metrics:
- P/E: 83.40,
- 52-week high: ₹927,
- Volume: 1.85M.
- Technical analysis: Support at ₹820, resistance at ₹1120.
- Risk factors: Fluctuating Input Costs and Margin Pressures.
- Buy: above ₹930
- Stop loss: ₹870
- Target price: ₹1050 (2 Months)
ECLERX (Cmp 1944)
- Why it’s recommended: eClerx Services Limited is an Indian multinational specialized business process management (BPM), automation, and data analytics company. After a strong thrust in July the prices had slipped into a sideways consolidation holding the Tenkan Sen and Kijun Sen. The strong thrust with volumes pushed prices above important resistance zones around 1900. As the prices have finally given a closing above it with a long body candle suggesting a strong bullish bias. We can see now that the strong thrust on the back of volumes can augur well for the prices. With the prices are reflecting a sustained buying and the Defence sector showing strong resilience we consider going long.
- Key metrics:
- P/E: 36.50,
- 52-week high: ₹2492.98,
- Volume: 390.44K.
- Technical analysis: Support at ₹1400, resistance at ₹1700.
- Risk factors: Client management, talent, technology, and global economic variables.
- Buy: above ₹1948
- Stop loss: ₹1865
- Target price: ₹2150 (2 Months)
Stock Market Recap
On Wednesday, Indian equities slipped in a rangebound session, failing to build on the previous day’s recovery. The Nifty 50 fell 126.80 points or 0.52% to close at 24,207.75, settling near the day’s low and around the crucial 24,200 mark. The Sensex also declined 183.15 points or 0.24% to finish at 77,472.94. Markets opened flat and gained some momentum during the morning, but selling pressure in the afternoon erased intraday gains, leaving benchmarks weaker at close.
Despite a decline in frontline indices, the broader market outperformed, with the Nifty Smallcap index rising 0.8% while the Midcap index ended marginally lower, reflecting selective buying. Persistent concerns over elevated crude prices, inflationary risks, and regulatory uncertainty in banking continued to weigh on sentiment. Overall, the muted close highlighted investor caution at the start of the September F&O series, with traders closely watching support levels near 24,200.
Outlook for Trading
Despite attempts, the market could not continue its upward march seen on Monday. We had mentioned 24200 as an important zone that remains held. The selling in the last few days has reduced, however, the lack of clarity is demanding that we need more encouraging tailwinds to move above 24300. The steady attempt to buy on every dip has once again given people a reason to maintain the bullish side of the markets for now. As there is no clarity on future course of action, we should be looking at participating with a neutral bias.
We saw a determined push by the bulls in the last week above the important mark of 24300. However, the momentum could not carry Nifty decisively beyond these levels. Despite strong Q1 performance this time around the trends were caught in the cross fire of the US Iran war.
With so much volatility demonstrated the Nifty truly has kept the trends guessing the next move. As seen on the charts the reaction that we are noticing now important support of around 24000 would now need to be defended. From the charts below, we can observe that the median line Tenkan Sen shall continue to keep a handle on any recovery that we will witness . This will in effect make the 24300 as a very important role in the coming series. A close above this level would unfold more possibility to head higher. The recent price action is seen holding the above the Ichimoku cloud and will now look to defend against the selloff. But here you have the market displaying rapid shifts in moods and it also seems like operators are taking strong advantage of this.
Nifty is struggling to cross 24300 zone will now need more triggers as selling pressure continues to emerge at higher levels. With the Open Interest data clearly indicating market is now divided as lower levels are being bought into. The data reveals that the Max Pain point has now moved to 24300 as we need to see how this level holds on Thursday to decide the way forward.
We continue to maintain that the resistance zones around 24300 where there is steady Call writing that is happening will contain the bullish bias. Hence, moving into the series we need to see a closing above 23300 for the revival to sustain, this could emerge in the coming sessions. Post the expiry bullishness stock specific action continues to remain as the buying interest on dip fuelled a strong surge. In coming sessions, we now have a clear zone defined for longs where Nifty would look at 23500 as the immediate resistance to breach.
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.