ewsba.se
Stock market today:The domestic benchmark indices, ended higher on Wednesday, supported by easing crude oil prices and growing expectations of foreign fund inflows amid concerns over heavy artificial intelligence (AI) investments globally.
The Nifty 50 advanced 0.84% to close at 25,255.05, while the Sensex rose 0.95% to 81,879.4. Both indices settled at their highest levels since 26 February and have gained nearly 10% so far in November, outperforming their emerging-market peers.
Foreign portfolio investors (FPIs) have pumped nearly $6 billion (approximately ₹53,700 crore) into Indian equities so far in November, marking their biggest monthly buying spree since September 2024. The turnaround follows two years of net outflows, as India emerges as an alternative investment destination amid growing investor concerns over elevated AI spending in global markets.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, has recommended buying Canara Bank at ₹132.15, with a target price of ₹143 and a stop-loss of ₹126. The trade has an investment horizon of two to three weeks.
He has also recommended Pine Labs at ₹166.10, with a target of ₹179 and a stop-loss of ₹159, over the same two- to three-week timeframe.
After couple of sessions of consolidation, the Nifty 50 witnessed spectacular comeback on Wednesday and registered the swing high of 25,424 but could not sustain the highs amidst volatility.
A small red candle was formed on the daily chart with upper and lower shadow and with gap-up opening. The opening upside gap has almost been filled-left by small margin. Technically, this market action indicates continuation of upside momentum with high volatility near the crucial overhead resistance.
The market action of Wednesday signals presence of strong overhead resistance around 25,400-25,500 levels. Some more consolidation or minor selloff could be seen from the higher levels in the short term. Renewed upside could occur only above the hurdle of 25,500 levels
and that could pull Nifty 50 towards 26,000 in the near term. Any weakness from here could find support around 24,800-24,700 levels.
The PSU Banking stock has witnessed a decisive upmove from the lows in the last couple of weeks. We observe sharp breakout of down sloping trendline recently and the stock price closed higher. Volume pattern and daily RSI shows positive indication for the stock price ahead.
The downward correction of the last couple of months seems to be over. The stock price has bounced back sharply after forming a crucial higher bottom reversal at ₹150 levels. Currently placed at the edge of breaking above the down trendline resistance at ₹170 levels. Daily and weekly RSI pattern indicates bullish outlook for the stock price ahead.
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.
Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players. <br><br> At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors. <br><br> Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation. <br><br> Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content.
Catch all the Business News , Market News , Breaking News Events, JIO IPO Listing Today LIVE and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.