The Indian market has been trading with volatility on Wednesday as indices juggle between gains and losses. The benchmarks turned green after opening flat as Nifty50 reclaimed 17,600, while the Sensex gained around 100 points to trade above 59,100 in intraday trade on Wednesday.  

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Meanwhile, the support also came from the broader market with Nifty Midcap and Smallcap indices trading higher by 0.4% and 0.8% respectively. India VIX remained at 18.5-mark with a change of two and half per cent.  

Consumer Durables, Pharma and IT witnessed selling pressure, while other sectoral indices sat in the green.  

Speaking on Nifty outlook, Anand James - Chief Market Strategist at Geojit Financial Services, said a closing below 17578 on Tuesday stopped a piercing bull candle being fully formed. "As such this is a rejection trade, but since we have already visited the 17300 suggested as the first objective for downsides, we enter the day on a neutral stance. Push above 17578, will encourage us to buy again, while slippage past 17509 will ring in caution," he added 

Earlier, amid volatility, certain stocks came in focus on Tuesday. These stocks were Kalyan Jewellers, Indigo Paints and Mphasis. Kalyan Jewellers gained six per cent to Rs 82.80 per share on the BSE in Wednesday's intraday trade. Likewise, Indigo Paints traded flat at Rs 1665 and Mphasis declined one and half per cent to Rs 2235 per share on the BSE. 

Here is what Akhilesh Jat, Category Manager - Equity Research, suggests investors should do with these stocks 
 

Kalyan Jewellers India 
Buy: 69; SL: 70; TGT: 80 & 85 
As on 23rd August 2022, the share price of Kalyan Jewellers India surged over 10 per cent intraday to trade highest in calendar year 2022. The stock is moving in a rising channel and it has given the breakout of nearly three weeks consolidation. MACD on daily chart suggest the strong surge in the prices however momentum oscillator RSI is in the over-bought zone so one should use buy on dip strategies in the counter. 

Indigo Paints 

Buy: 1676; SL: 1625; TGT: 1735 & 1800 

As on Tuesday, the shares of Indigo Paints rallied over 5 per cent to close near three months' high. Stock prices continue its positive momentum for second straight day to breach its immediate hurdle. Long bullish candle with marginally higher volume suggests that bullish momentum may carry on in upcoming sessions as well. 

Mphasis 

Sell: 2215; SL: 2285; TGT: 2125 
Share price of Mphasis tanked over 8 per cent in the past three trading sessions and trade lowest since 28 July 2022. Stock prices are sustaining below all its important moving averages. Momentum oscillator RSI head downward and read below centreline suggests the bearish movement in the prices. Additionally, MACD indicator sustaining below zero levels with negative crossover. 

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)