Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, traded largely flat in early deals on Wednesday as investors remained cautious amid uncertainty surrounding the fragile ceasefire between the United States and Iran and the possibility of renewed tensions in the Middle East.
At around 11: 50 IST, the was up 0.13% at 23,946.85, while the gained 0.10% to 76,081.78. Since the onset of the Iran conflict in late February, the two indices have declined about 5.1% and 6.6%, respectively.
Investor sentiment remained subdued after Iran accused the US of violating a ceasefire by carrying out strikes near the strategically important Strait of Hormuz, raising concerns that efforts to end the three-month-long conflict could face fresh hurdles. US Secretary of State Marco Rubio said a negotiated agreement could still take “a few days” to materialise.
Meanwhile, Brent crude oil hovered around $98 per barrel, keeping energy market concerns alive. Despite the cautious mood in frontline indices, broader markets continued to outperform, with the Nifty small-cap and mid-cap segments gaining about 0.2% and 0.4%, respectively.
Market Review and Outlook – Ruchit Jain, Head – Equity Technical Research, Wealth Management, Motilal Oswal Financial Services
Markets are expected to trade with a cautiously positive bias despite intermittent volatility driven by geopolitical developments. Sentiment has improved after Brent crude prices cooled off from recent highs, easing concerns around inflation and supply disruptions. Global markets have also remained relatively stable, supporting risk appetite. Domestically, broader market strength remains encouraging.
The Nifty Midcap index is trading near all-time highs, indicating sustained buying interest beyond frontline benchmark stocks, while the Smallcap index has also resumed its positive trend after taking support near its key moving averages. This reflects healthy, stock-specific market participation.
Technically, the recent decline in the Nifty 50 appears corrective in nature. Immediate support is placed near the 23,800–23,700 zone, followed by stronger support around 23,500. On the upside, the 24,100–24,250 range is likely to act as an immediate resistance zone. As long as key support levels remain intact, traders may continue to adopt a buy-on-dips strategy.
Shares to buy or sell in the near-term – Ruchit Jain
On shares to buy or sell in the near-term, Ruchit Jain recommends , and .
JSW Energy Ltd
The stock has broken out above its previous swing high on increasing volume, which is a bullish sign. In the recent correction, the stock found support at its 200 DEMA, and the RSI oscillator is hinting at positive momentum. Hence, short-term traders can look for a buying opportunity in the range of Rs. 590-580, with a potential target of around ₹640. The stop loss on long positions should be placed below ₹560.
Chambal Fertilisers & Chemicals Ltd
The stock has undergone a price and time-wise correction over the last year. Prices consolidated in a range in the last few months and have formed a support base above their weekly 200 EMA. The stock has now broken out of the range and surpassed its 200 DEMA hurdle, with rising volume. Hence, short-term traders can look for a buying opportunity in the range of ₹475-470 for a potential target of around ₹512. The stop loss on long positions should be placed below ₹455.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.