Angel One's Osho Krishan Recommends Wipro and Dr Reddy's for Near-Term Investment

Stock Market Report: Thursday, [Date]

Market Overview The Indian stock market experienced a decline in the afternoon session on Thursday, driven by rising crude oil prices and persistent outflows of foreign funds. The Sensex dropped by 256.91 points or 0.33% to 76,606.80, while the Nifty 50 fell by 53.40 points or 0.23% to 23,807.

Market Performance The BSE benchmark index declined by 432.04 points or 0.56% to 76,459.62, while the Nifty 50 showed a loss of 129.70 points or 0.50% to 23,745.55. Foreign Institutional Investors (FIIs) sold equities valued at ₹6,267.31 crore on Wednesday, while Domestic Institutional Investors (DIIs) purchased stocks amounting to ₹4,965.53 crore.

Market Outlook According to Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One, the Nifty 50 index has resumed its bearish momentum, with a large bearish candlestick forming on Wednesday. The index has broken decisively below the crucial 24,300 zone, a level that served as significant support throughout the previous year.

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Technical Analysis The 24,300 level is expected to act as immediate resistance, with the 24,500 zone presenting another strong hurdle. Unless the index manages to reclaim and sustain above these levels, any near-term bounce is likely to remain limited. On the downside, Tuesday's low near 23,700 serves as the first level of support, with a break below this opening the door toward the next important support zone near 23,500.

Stock Recommendations Osho Krishan of Angel One recommends two stocks to buy on Thursday:

1. Wipro Ltd: A BUY recommendation with a target of ₹226-230 and a stop loss of ₹182.
2. Dr Reddys Laboratories: A BUY recommendation with a target of ₹1,380-1,400 and a stop loss of ₹1,260.