Stock Market Today: Nifty 50 Trade Setup and Global Market Overview; Eight Key Stocks to Watch on Wednesday

The benchmark Nifty 50 index closed the day almost unchanged at 25,104.25, reflecting a phase of consolidation as the market awaits fresh catalysts. Meanwhile, the Bank Nifty slipped 0.37% to settle at 56,629.10 amid a mixed performance across sectoral indices. Realty stocks led the declines, while IT, pharma, and energy sectors recorded gains. The broader market indices also ended the session nearly flat.

Trade Setup for Wednesday

Despite some short-term volatility, the near-term trend for Nifty remains bullish. A sustained move above the 25,200 mark could pave the way for further gains, potentially pushing the index towards the 25,600 level in the short run. Immediate support is identified in the 25,000 to 24,900 range, according to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

For Bank Nifty, the immediate support level is placed at 55,400. However, Bajaj Broking anticipates that the index will continue to maintain its upward momentum.

Global Markets and Outlook

Investors are closely monitoring key upcoming events including a speech by former President Donald Trump scheduled for later today, the U.S. inflation report due on Wednesday, and India’s Consumer Price Index (CPI) data expected on Thursday. Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services Ltd, expects the markets to remain in a consolidation phase, trading within a range but with a positive bias.

Stocks to Buy or Sell on Wednesday

Several analysts have shared their stock recommendations for the day. Sumeet Bagadia, Executive Director at Choice Broking, has suggested two stock picks. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, has identified three stocks, while Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher, has recommended three stocks as well.

The stocks highlighted include Adani Green Energy Ltd, Dr Reddy’s Laboratories Ltd, Bharat Forge Ltd, CESC Ltd, Cummins India Ltd, Torrent Power Ltd, Chambal Fertilisers & Chemicals Ltd, and GlaxoSmithKline Pharmaceuticals Ltd.

Sumeet Bagadia’s Recommendations

Adani Green Energy Ltd
Buy ADANIGREEN around ₹1060.5 with a stop loss at ₹1023 and a target price of ₹1135.
ADANIGREEN is currently trading near ₹1060, showing a strong recovery with three consecutive bullish sessions indicating a significant momentum shift. The stock has broken out from its recent lower highs, supported by increased volumes signaling strong buying interest. If ADANIGREEN sustains above ₹1150, it could move higher towards the ₹1135 target.
Dr Reddy’s Laboratories Ltd
Buy DRREDDY around ₹1348.80 with a stop loss at ₹1300 and a target of ₹1443.
DRREDDY is trading near ₹1348.8 and has demonstrated a robust bullish trend on the daily chart, having recently broken out of an ascending channel pattern. This breakout is supported by rising volumes and consistent upward price movement. The stock has gained momentum, rallying to a recent high of ₹1362.6.

Ganesh Dongre’s Stock Picks

Bharat Forge Ltd
Buy BHARATFORG around ₹1340 with a stop loss at ₹1310 and target price of ₹1380.
The stock has shown a strong and continuous bullish pattern, presenting a promising opportunity for short-term traders. Currently priced at ₹1340, it maintains solid support at ₹1310. The technical setup suggests potential for a price move towards ₹1380. Entering at current levels with a stop loss at ₹1310 is advised to capture the upside safely.
CESC Ltd
Buy CESC at around ₹171 with a stop loss at ₹164 and a target price of ₹183.
CESC has maintained a steady bullish trend, offering another attractive trade setup. The stock is currently at ₹171 with strong support at ₹164. Technical indicators point to a potential price rise to ₹183. Traders can consider buying with a stop loss at ₹164 to manage risk.
Cummins India Ltd
Buy CUMMINSIND at ₹3388, stop loss at ₹3440, target ₹3500.
The stock has shown a strong and steady bullish trend in the short term, suggesting potential for further upward movement. Trading at ₹3388, it holds above a critical support at ₹3440, which acts as a key risk management level. The target price is set at ₹3500, providing a good risk-to-reward ratio.

Shiju Koothupalakkal’s Intraday Picks

Torrent Power Ltd
Buy TORRENT POWER at ₹1451 with a target of ₹1520 and stop loss at ₹1425.
After a brief consolidation, the stock formed a bullish candle on the daily chart, crossing above the 50 EMA at ₹1441 with decent volume, indicating strength. The RSI has stabilized, signaling a positive trend reversal, which supports expectations for further gains.
Chambal Fertilisers & Chemicals Ltd
Buy CHAMBAL FERT at ₹565 with a target of ₹590 and stop loss at ₹553.
Following a significant correction, the stock formed a strong bullish candle near the 200-period moving average at ₹540. The RSI has given a buy signal from an oversold zone, suggesting good upside potential. The technical setup supports a positive move ahead.
GlaxoSmithKline Pharmaceuticals Ltd
Buy GLAXO at ₹3398 with a target of ₹3520 and stop loss at ₹3340.
After a short correction from the ₹3500 level, the stock recovered strongly in the closing hours with visible volume support. The hourly RSI indicates a buy signal, pointing to renewed momentum. The chart setup favors further upside.

Disclaimer: The views and stock recommendations expressed above are those of individual analysts or brokerage firms and do not represent the views of Mint. Investors should consult certified financial advisors before making any investment decisions.