Stock Market Summary: Nifty-50 Support & Resistance Levels, Market Overview, and Expert Picks 📊
- Nifty-50 corrected by 0.77% on Wednesday, closing at 23,486.85. Bank Nifty also dropped to 51,209.00. 📉
- Sectors like Realty, IT, and Pharma led the losses, while the broader indices fell by 0.7%-1.2%. 🏢📉
Trade Setup for Thursday 🔑:
- Immediate Support: 23,400 (100-day & 200-day EMA) 📉
- Strong Support: 23,141 💪
- Resistance Levels: 23,600 and 23,869 📈
— Devarsh Vakil (HDFC Securities)
Bank Nifty needs to surpass the 52,000–52,100 resistance zone for further upside, says Sameet Chavan (Angel One). 🚀
Global Market Overview 🌍:
- Profit booking following recent gains, especially in Pharma & IT sectors due to US tariff concerns. 📉
- Oil prices rose due to US sanctions on Iran and expectations of a drop in crude inventories. 🛢️
Despite challenges, FIIs inflows and favorable valuations suggest the market could stabilize, according to Vinod Nair (Geojit). 📈
Expert Stock Picks for Today 💼:
- Sumeet Bagadia (Choice Broking) recommends 2 stocks.
- Ganesh Dongre (Anand Rathi) suggests 3 stocks.
- Shiju Koothupalakkal (Prabhudas Lilladher) has 3 stock picks as well. 📊
