Stock Market Today: Market Performance and Trends
The benchmark Nifty-50 index and the S&P BSE Sensex after a volatile trading session on Tuesday managed to end only marginally lower at 22,945.30 and 75,967.39, respectively. The Bank Nifty at 49,087.30 ended 0.35% lower, while the FMCG and Auto indices were among the key losers. IT and Oil & Gas indices, though, were key gainers. The mid and small-cap indices also ended 0.4% and 2% lower, respectively.
Trade Setup for Wednesday
Nifty witnessed another day of volatility, as the index failed to take a clear direction. In the short term, Nifty might remain a ‘sell on rise’ as long as it stays below 23,150. Support is placed at 22,800, and a fall below this level might trigger further correction. Immediate resistance is placed at 23,000, said Rupak De, Senior Technical Analyst at LKP Securities.
For Bank Nifty, the 48,500 level now acts as a critical support, serving as the last defense against further downside, as per SAMCO Securities.
Global Markets Today
Investors now focus on the FOMC minutes set for release on Thursday, February 20. A hawkish stance from the Fed could undermine expectations of a rate cut in 2025, potentially triggering more foreign outflows from Indian markets.
The main factor leading to weakness in the domestic market is Trump’s announcement of reciprocal tariffs on US trading partners, including India, which are likely to be finalized by April 2025. The market is expected to track developments on the likely trade agreements between India and the US, with clarity emerging over the next few weeks, said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd.
Stocks to Buy Today
Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, suggested three stocks, while Shiju Koothupalakkal, Senior Manager — Technical Research at Prabhudas Lilladher, has given another two stock picks.
These include:
- NTPC Ltd.
- Persistent Systems Ltd.
- The Phoenix Mills Ltd.
- SRF Ltd.
- InterGlobe Aviation Ltd (Indigo)
- Jubilant FoodWorks Ltd.
- Cyient Limited
Sumeet Bagadia’s Stock Picks
1. NTPC Ltd.
- Buy at ₹311
- Stop loss: ₹300
- Target price: ₹333
NTPC is currently trading at ₹311, having recently rebounded from a key support zone. The stock has formed a bullish candlestick pattern and is on the verge of breaking out from a short-term falling trend on the daily timeframe. A successful breakout would confirm a reversal pattern, supported by rising trading volumes, indicating strong buying interest.
