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Here's why Wipro and 2 other stocks are on analyst radar today; details
Ajit Mishra Mumbai
Market view
Markets remained volatile on Wednesday and ended lower amid mixed cues. After a flat start, the Nifty oscillated within a range and eventually settled near the lower end at 24,574.20. Participants were awaiting the outcome of the MPC meeting, which was in line with expectations, as the policy rate remained unchanged and the neutral stance continued. As a result, there was no significant market reaction.
Most sectors edged lower, with pharma, IT, and realty emerging as the top losers. However, resilience in banking heavyweights helped limit the overall downside. The broader indices also came under pressure, each losing nearly a per cent.
The recent price action reflects indecisiveness among market participants amid ongoing uncertainty surrounding tariffs and trade deals. Any negative surprise on this front could exert further pressure, with the next support for the Nifty placed at 24,450. On the upside, the 24,700–24,800 zone may continue to act as an immediate hurdle. Participants should align their positions accordingly, with an emphasis on stock selection and risk management.
The auto sector continues to exhibit resilience despite the broader market correction, and Mahindra & Mahindra is reflecting this strength by holding firm near its all-time high. The stock remains in a well-defined uptrend and is currently consolidating in a narrow range above its 20-week exponential moving average (20 WEMA), indicating potential for a continuation of the prevailing trend. The rising trendline drawn from recent swing lows remains intact, providing structural support. Overall, the setup favors a bullish continuation, with the likelihood of the next leg of the rally unfolding soon.
Max Healthcare Institute Limited | LTP: ₹ 1271.10| Buy | Target: ₹ 1350| Stop-loss: ₹1230
Max Healthcare is displaying strong technical structure, having recently broken out of a well-defined consolidation phase that lasted several months. Post breakout, the stock has been forming a bullish base near its all-time high, indicating healthy price action and strength. It is trading above all key moving averages, with the 21-EMA and 50-EMA acting as dynamic supports. Volume has remained supportive during the breakout, confirming accumulation. Additionally, the RSI is holding in the bullish zone, reflecting sustained momentum. The overall setup signals a continuation of the uptrend, with a high probability of retesting and surpassing recent highs. Traders can consider fresh long positions with defined risk.
The IT sector remains under pressure, and Wipro continues to exhibit signs of weakness. The stock failed to sustain above its long-term moving average during the recent recovery and encountered significant resistance near the ₹270 mark, triggering a fresh leg of decline. It has recently broken down from a bearish continuation pattern, reinforcing the prevailing negative bias. The overall structure points to further downside, with a strong probability of the stock retesting its previous swing low. Traders may consider short positions as per the levels.
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What are the key levels to watch? The banking benchmark index Bank Nifty also ended the week on a negative note, reflecting continued weakness in the financial space. On the weekly chart, it formed a bearish candle, indicating persistent selling pressure. Over the last two sessions, the index has been hovering near its 100-day EMA. Going forward, the 100-day EMA zone of 54950–54850 will be a critical support area. A sustained move below 54850 could intensify the downtrend, opening the gates for a decline toward the next support zone of 54000–53900. On the upside, any recovery is likely to face resistance near 55700–55800, which now acts as a key hurdle for the bulls. Any hopes from the FII now? What do the cash segment as well as the FII long-short ratio indicate? Given the current data, hopes from FIIs remain limited in the near term. Month-to-date, FIIs have sold equities worth 14018.87 crore, reflecting a clear risk-off approach amid global uncertainties and domestic headwinds. 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