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Indian equity markets opened on a positive note, with the Nifty index holding above the 25,100 mark. Gains in consumer durables, metals, and PSU banks lent support, while FMCG and IT stocks saw mild selling. 

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At 09:30 a.m. IST, the Nifty 50 traded 62 points higher at 25,171, while the Sensex was up 251 points at 82,178. Broader markets were subdued, with the Nifty Midcap index trading flat and the Smallcap index gaining 0.1%.

The retail sentiment on Stocktwits for the Nifty remained ‘bearish’ at market open. 

Stock Watch

Titan rose 3% after reporting a strong Q2 performance despite operating on a high base. The jewellery segment continued to drive growth, supported by higher ticket sizes amid rising gold prices, while non-jewellery businesses also delivered healthy double-digit growth. 

SH Kelkar rose 2% as well on the back of firm operational updates for Q2.

On the other hand, Tata Motors shares fell 1% after its British unit, Jaguar Land Rover (JLR), reported a 17% drop in retail sales and a 24% decrease in wholesale volumes for Q2. 

And Godrej Consumer declined 1% after the company stated that it expected Q2 revenue to grow in the mid-single digits amid the GST 2.0 transition.

Saatvik Green shares surged over 4% on an order win worth ₹488 crore for solar PV modules. 

Anant Raj shares declined 3% on the board’s approval for a QIP issue with a floor price of ₹695.83 per share.

Shaily Engineering is down 1%. Abu Dhabi Investment Authority (ADIA), Motilal Oswal MF, BofA Securities, Societe Generale, and other entities have bought a 2.9% stake in the company from PE firm Lighthouse Funds for ₹284 crore.

Stock Calls

Analyst Vinayak Gautam shared three stock recommendations for Wednesday with a 1-week timeframe:

Ixigo: Buy at ₹310, with a target price of ₹316, and stop loss at ₹306

Tata Motors: Buy at ₹698, with a target price of ₹711, and stop loss at ₹691

RVNL: Buy at ₹354.85, with a target price of ₹365, and stop loss at ₹351

Markets: The Road Ahead

From a technical standpoint, SEBI-registered analysts on Stocktwits shared the trade setup. 

Analyst Prabhat Mittal identified Nifty support at 24,950 with resistance at 25,350. For Bank Nifty, he sees support at 55,900 and resistance at 56,700.

Ashish Kyal believes that the Nifty could consolidate before resuming its upward move. Any dip to around 25,020 followed by a reversal signal on the 15-minute AK indicator can provide a good buying opportunity for a move back up to approximately 25,160 levels. On the downside, support is seen near the 24,970-24,920 zone. Traders may consider strategies such as a bull call spread or selling put options.

Varunkumar Patel noted that after several sessions of selling, FIIs turned net buyers, purchasing over ₹1,100 crore in the cash market. In derivatives, they cut down index shorts, but interestingly, added fresh index call shorts, indicating a cautious stance on near-term upside. 

He added that Indian markets have rallied smartly ahead of the earnings season. The upmove may fade as profit booking sets in. Patel recommended traders stay cautious and avoid chasing momentum at higher levels.

Global Cues

Globally, Asian markets traded mixed, while crude oil prices remained steady.

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