Nifty forms a long bull candle on daily chart, signaling bullish momentum

The Indian stock market experienced strong bullish momentum as the Sensex surged by over 1,961 points, while the Nifty gained 557 points on Wednesday. This broad-based rally was primarily driven by large-cap stocks, rebounding from oversold levels.

Technical Insights:

A long bull candle formed on the daily chart, signaling strength in the upward bounce. The Nifty successfully breached the immediate resistance of 23,000-23,100, closing higher. However, the negative chart pattern, which shows lower tops and bottoms, remains intact. A sustained move above 23,350-23,400 could break this bearish trend and open up further upside potential. Immediate support is at the 23,000 level, according to Nagaraj Shetti of HDFC Securities.

In terms of open interest (OI), the highest OI on the call side was seen at the 23,300 and 23,150 strike prices, while the highest OI on the put side was observed at 23,000, followed by 23,100.

Global Markets Update:

US stocks opened flat on Wednesday, with tech giants Apple and Nvidia experiencing losses. Investors are awaiting the Federal Reserve's decision on interest rates, which is expected later today.

The Dow Jones Industrial Average dropped 0.07%, or 30.8 points, to 44,819.55, while the S&P 500 lost 0.16%, or 10 points, reaching 6,057.7. The Nasdaq Composite declined 0.19%, or 37.9 points, to 19,695.68.

Company Results and Updates:

Jupiter Wagons Ltd posted a robust 18.4% increase in net profit for Q3 FY25, driven by higher revenue and improved margins.

Gold hit a new all-time high, rallying to Rs 83,750 per 10 grams, as renewed buying from jewellers and retailers fueled the surge.

Embassy REIT achieved record quarterly revenue and Net Operating Income (NOI), rising by 9% YoY.

Sebi is considering changes to the investor charter for stock brokers, aiming to improve financial consumer protection, inclusion, and literacy.

IFCI has approved a Rs 500 crore infusion via the preferential issue of shares to the Government of India.

HSBC downgraded Ola Electric shares to a “hold” rating, reducing its target price to Rs 70, citing competition and volume concerns.

Bajaj Finance reported a 17% YoY increase in Q3 net profit to Rs 4,247 crore, beating market expectations.

Tata Motors reported a 22% YoY decline in profit, missing estimates, despite a 3% increase in revenue.

Indian Bank posted a strong 35% growth in net profit for Q3 FY25, supported by a rise in core income.

The Indian Rupee ended slightly higher at 86.54 per U.S. dollar, bolstered by state-run bank dollar sales, as markets awaited the Federal Reserve's policy decision.