Mint reported that Anand Rathi technical research deputy vice president Mehul Kothari outlined levels for three Indian stocks as small- and mid-cap indexes fell despite benchmark gains, underscoring a split in the market.
Mint reported entry levels of ₹80 for IDBI Bank, ₹139 for Indraprastha Gas Limited (IGL) and ₹125 for CESC Limited, all below ₹200. The outlet gave target prices of ₹85, ₹145 and ₹132, respectively, with stop-loss levels of ₹78, ₹135 and ₹121. It did not specify a holding period or cite company-specific earnings or valuation reasons for the selections.
The benchmark indexes advanced on Oct. 30. The Nifty 50 closed at 23,053.10 points, up 0.51%, while the Sensex ended at 74,459.53, up 0.42%, according to National Stock Exchange of India and BSE data cited by HDFC Sky. NDTV Profit reported that the Nifty Smallcap 100 fell 1.85% and the Nifty Midcap 100 declined 0.93%.
Kothari told Mint that confidence would depend on benchmark and broader-market shares improving together. He put Nifty 50 resistance at 23,200 and support at 22,600, followed by 22,400, for the coming week. For Bank Nifty, Mint reported, he identified 53,000 as a support zone and 56,000 as the level the index would need to clear to regain strength. The index finished the week near 54,700, Mint said.
Mint’s account placed the market moves in a wider setting: It reported that easing oil prices and institutional buying followed the Federal Reserve’s Oct. 28 rate decision. The Fed kept its federal funds target range at 3.75% to 4% in a 10-2 vote; Lisa D. Cook and Beth M. Hammack preferred a quarter-point increase. The central bank statement confirms the rate decision, while Mint supplied the account of the market reaction.
The coming week is the time frame Kothari gave for the Nifty support levels; Mint did not attach a time horizon to the three stock entries.
