Market Trading Guide: IIFL Finance, CDSL are among 4 stock recommendations for Wednesday – Stock Ideas

Indian frontline indices ended with minor gains on Tuesday after trading in a narrow range throughout the day. While BFSI and auto stocks held the rally, IT stocks were major spoilsports. It was the sixth straight gain for the domestic stock markets. The BSE Sensex surged by 187.09 points or 0.24% to 79,595.59, while the Nifty gained 41.70 points or 0.17% to end the day at 24,167.25.

Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that the Nifty remained mostly range-bound as the index closed with a small-bodied, indecisive candle. “Although the index stayed above the 200 DMA throughout the day, the rise remained limited. Going forward, the trend continues to look optimistic, at least as long as it does not fall decisively below 24,000. On the higher side, the short-term bullish outlook remains intact, with the possibility of a move towards 24,500. On the lower side, support is placed at 24,000; a break below this level could trigger a minor pullback,” De said.

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