Stock market today: The GIFT Nifty is signalling a positive start for the Indian stock market on Wednesday. As of 8:18 AM, GIFT Nifty was trading around 24,279, at a premium of 172.7 points over the previous close of Nifty futures at 24,106.30.
In the previous session, benchmark indices BSE Sensex and Nifty 50 ended in the red, weighed down by profit booking in key banking and financial stocks.
The 30-share Sensex declined 252 points, or 0.33%, to settle at 77,017.79, while the Nifty 50 fell 87 points, or 0.36%, to close at 24,032.80.
However, broader markets outperformed, with the BSE Midcap index rising 0.15% and the BSE Smallcap index gaining 0.20%, indicating continued resilience in the broader market segment.
Market Outlook by Jay Thakkar, Vice President & Head of Derivatives and Quant Research, ICICI Securities
Nifty 50
The Nifty 50 has been trading within the 23,800-24,300 range for the past few days, and the range is narrowing each day, whereas the BankNifty has been struggling to bounce back and is forming lower tops and bottoms. So, the Nifty 50 has been outperforming the BankNifty, indicating that the rate-sensitive sector is facing the heat at the moment. This is due to rising international crude oil prices and a weakening USDINR amid these geopolitical tensions.
So, from hereon, if at all there is relief in the geopolitical tension, then both Nifty 50 and BankNifty will rise; else, the sideways-to-negative trend is likely to continue. Now, in this situation, the support and resistance levels for Nifty 50 are 24,300 and 23,300, respectively. Above 24,300, there is a significant call base.
The Nifty 50 will zoom towards 24,800 to 25,000 levels, whereas until the 24,300 levels are taken off, there is a risk of 23800 getting broken, as it has a significant put base. Below these levels, the next support is at 23,500-23,300. So, the bulls should look to buy only above 24,300, or buy on dips in the 23,300-23,500 range. For the BankNifty, the range has shifted lower from 57,000 to 56,000, which has the highest call base for this series; hence, the bulls should either buy above 56,000 or buy on dips near 53,000.
Stocks To Buy in the near-term – Jay Thakkar
Jay Thakkar of ICICI Securities recommends , , and .
Buy Mankind Pharma futures in the range of ₹2,330-2,340, stop loss below ₹2,290. Targets ₹2,400-2,450
The stock has broken out of the falling channel in which it had been consolidating over the past couple of trading sessions. The stock has witnessed a good recovery so far on account of short covering and some further up move is expected with this breakout and this is confirmed by the lagging indicators as well The stock had a strong resistance at 2,300 levels as it had witnessed significant call writing at that levels, however, since the price has closed above the same so some further up move is also expected on account of call unwinding.
Buy CG Power futures in the range of ₹830-832, stop loss below ₹820, targets ₹860 – 875
The stock has witnessed a strong rally so far on account of a long build-up, and it is from the sector which has been an outperformer during the correction in the overall market as well as in this ongoing rally. Now, the stock seems to have completed a sideways consolidation and is likely to breakout to the upside; hence, it offers a good risk-to-reward on the long side. Secondly, it has also closed well above 800 and 830 strikes, which have a strong call base, so the next target is the 850 levels.
Buy ABB Futures in the range of ₹7,320-7,340, stop loss below ₹7,250. Targets ₹7,500-7,600
ABB has taken a good support at its last one month’s 20 – day mean and with that it seems to have completed a short-term correction as on an overall perspective it has witnessed a significant short-covering rally, and now since the overall sector is in a structural up trend the stock is also likely to follow the same and inch towards the lifetime high in the medium term. In the short term, the stock is likely to test the 3 sigma levels of ₹7,500-7,600, hence it is offering a good risk: reward on the long side.
Disclaimer: The Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 05/05/2026 or have no other financial interest and do not have any material conflict of interest.
The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.