The Indian stock market continued its upward stride on Wednesday, marking substantial gains as both the Sensex and Nifty surged ahead. The Sensex concluded at 69,653.73, climbing by 357.59 points, while the Nifty closed at 20,937.65, rising by 82.55 points. Amidst Nifty companies, 29 showed progress while 21 faced declines, showcasing a mixed trend.
Top contributors to the bullish sentiment were Wipro, LTIMindtree, ITC, LT, and TCS, while Adani Enterprises, Eicher Motors, CIPLA, NTPC, and Axis Bank experienced setbacks, reflecting varied sectoral performances.
Varun Aggarwal, Founder and Managing Director of Profit Idea, highlighted India’s economic prospects, citing a SandP Global Ratings report that foresees India as the third-largest global economy by 2030. Emphasizing India’s growth potential, Aggarwal urged investors to seize this lucrative opportunity, indicating sectors like petrochemicals, IT, FMCG, media, metals, and banking as favorable investment domains.
However, Aggarwal cautioned about potential short-term resistance at 21,000 levels for the Nifty, advising traders to exercise caution and maintain stop-loss strategies due to overbought RSI on daily time frames.
Acknowledging the ongoing bullish momentum, Aggarwal projected a medium-term target of 21,234–21,410, yet suggested a possible retracement near the 21,000 mark in the short term. He emphasized the importance of portfolio hedging or implementing risk-defined strategies for investors and traders in anticipation of a corrective phase.
The market outlook remains bullish in the larger time frame, Aggarwal asserted, advising investors to focus on the inherent potential rather than short-term index fluctuations.