The Nifty Future closed positive with gains of 1.39% at 21488 levels on Wednesday. India VIX was down by 3.21% from 14.85 to 14.38 levels. Volatility spiked to 15.6 zones but later cooled off which made the bulls at ease at crucial support zones.
The market is currently within a tight range, with Nifty Future having a strong base at 21,200-21,300 and resistance at 21,600-21,650. A break below 21,300 or a move beyond 21,600 will determine the market s direction. Bank Nifty faces resistance at 46,500. I am bullish on the IT sector, particularly Wipro, which offers a buying opportunity at Rs 480. Hind Petro is another strong stock in the OMC sector. Oracle Financials is a recommended buy, while Zee Entertainment is best avoided due to high volatility.
Nikhil Bhatt | Research Analyst - Indian markets are in a sweet spot, boosted by the return of foreign inflows, strong macroeconomic data and easing US rate outlook, among other factors, , indian stocks, nifty, sensex, fmcg stocks, realty stocks, metal stocks
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