Market Trading Guide: IndusInd Bank among 4 stock recommendations for Wednesday – Stock Ideas

Indian markets settled lower on Tuesday, tracking weakness across global markets. The 30-share pack Sensex ended nearly 1 per cent lower at 53,887. The index settled below 54,000 after four sessions. Its broader peer, Nifty50, also fell by a similar magnitude but managed to hold the 16,000 mark.

“Nifty remained choppy. On Monday, it recouped early losses; however, today, again, it turned lower and slipped below 16,100. Eventually, Nifty formed a bearish candle; however, yet to fill its upward gap, which Nifty formed on 7th July. India Vix index remained near multi-month lower levels, whereas options data indicates consolidation ahead to digest Nifty’s recent 7% up move,” says Amit Trivedi, CMT, Technical Analyst – Institutional Equities, Yes Securities.

“Nifty’s internal breadth turned mildly negative. Moreover, sectoral trends largely remained negative. Focus shifted to broader indices as broader markets as Midcap100 and Smallcap100 indices are relatively holding ground. Stocks specific action is likely the theme ahead,” he added.

Here are the top 4 stock recommendations which analysts suggest: