Stock market today: India's stock market indexes started the day with little change on Wednesday, taking a break after two days of increases fueled by hopes of tax reductions, while Asian markets followed a decline in the tech sector on Wall Street as attention turns to the Federal Reserve's upcoming Jackson Hole conference.
As of 9:15 IST, the Nifty 50 dropped 0.06% to reach 24,965.8 points, while the BSE Sensex rose 0.03% to 81,671.47.
Investors are looking ahead to the Fed's annual gathering in Jackson Hole, Wyoming, scheduled for August 21-23. While most anticipate a 25-basis-point rate reduction next month, concerns over tariffs have led to a cautious atmosphere in the markets.
Nifty 50 Outlook by Sagar Doshi, Senior Vice President- Research, Nuvama Professional Clients Group
Nifty 50
Nifty 50 clocked a 1% gain on the first trading day after an extended weekend backed by news flow on macro and global front. The index has opened up for 25,050 - 25,250 after its consecutive closing above 24,600 last week. On the downside 24,450 continues to remain as support which can be trailed higher once the index crosses 25,050.
Bank Nifty
Bank Nifty as well ended with ~400 pt gain after breaking out from its triple inside bar breakout on the upside on Monday. The index remains open to scale up for 56,250 while support remains at 55,050.
Stock Picks: Stocks To Buy on Wednesday- Sagar Doshi
On stocks to buy on Wednesday, Sagar Doshi of Nuvama recommended three stocks - Godawari Power and Ispat Ltd, Amara Raja Energy & Mobility Ltd, and HDFC Life Insurance Company Ltd.
Godawari Power and Ispat (BUY): LCP: ₹216; SL: ₹204; TGT: ₹254
Stock had been trading in a range since last few months and has given a highest close in calendar year 2025 yesterday with very strong volumes. Breakout after such long consolidation often leads to explosive move. A quick 10-15% move can be seen on the stock to reclaim its all time high.
Amara Raja Energy & Mobility (BUY): LCP: ₹990; SL: 940; TGT: ₹1,250
Stock has been forming base since last few months and some initial signs of momentum has started to show up with stock giving positive close with strong volumes. Auto stocks have been gaining traction and we expect the ancilliary stock to also perform well going forward. A close above 1,030 will lead to rise in momentum which can take stock to 1,300-1,400 levels.
HDFC Life Insurance Company (BUY): LCP: ₹793; SL: ₹750; TGT: ₹950
Stock is consolidating around its all time high level and showing signs of accumulation. A close above 800 will lead to rise in momentum for a quick 10-15% move.
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 taking any investment decisions.
