Indian Stock Market Review

Key Figures

• Nifty 50: 24,480.50 (down 385.20 points, or 1.55%)
• Sensex: 79,116.19 (down 1,122.66 points, or 1.40%)
• Bank Nifty: 58,755 (down 355.25 points, or 0.60%)

Market Analysis

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The Indian stock market continued its downward trend on Wednesday, with the Nifty 50 slipping below the 24,500 mark. The Sensex and Bank Nifty also declined, reflecting broad-based weakness across the market.

Technical Outlook

According to Sumeet Bagadia, Executive Director at Choice Broking, the Nifty 50 has decisively slipped below all key short-term moving averages, indicating a breakdown from recent consolidation zones and a shift in short-term sentiment toward caution. Immediate support is seen near 24,300–24,350, with a breakdown below this zone potentially opening room toward the 24,100–24,150 zone.

Bank Nifty

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The Bank Nifty is also witnessing sharp corrective pressure, trading near 58,755. Sumeet Bagadia noted that the index has broken below recent support levels and is forming a lower high–lower low structure on the daily timeframe, indicating short-term bearish control. Immediate support is placed around 58,400–58,500, which is crucial for preventing further downside acceleration.

Stock Recommendations

Sumeet Bagadia recommends the following five shares to buy on Thursday:

1. United Breweries: Buy at ₹1629.80, Target ₹1780, Stop Loss ₹1555
2. Zen Technologies: Buy at ₹1406.40, Target ₹1535, Stop Loss ₹1340
3. Coal India: Buy at ₹435.15, Target ₹475, Stop Loss ₹415
4. Aster DM Healthcare: Buy at ₹649.25, Target ₹705, Stop Loss ₹620
5. Kirloskar Oil Engines: Buy at ₹1416.50, Target ₹1550, Stop Loss ₹1345