India’s Nifty 50 closed lower Oct. 21 after reversing an early rise, while Mint reported opposing short-term trade calls for Wipro Limited and Dixon Technologies (India) Ltd. from an HDFC Securities analyst.
The index finished at 22,811.35, down 77.60 points, or 0.34%, HDFC Securities’ market report showed. Reuters reported that Indian shares had risen about 1% earlier in the session before turning lower. Brent crude futures climbed 1.5% to more than $110 a barrel during the day, Reuters reported.
According to Mint, HDFC Securities senior technical research analyst Nagaraj Shetti put Wipro’s proposed purchase price at ₹188.30 a share, with a ₹202 target and a ₹180 stop-loss over two to three weeks. For Dixon Technologies, Mint said Shetti placed the proposed sale level at ₹11,620, the target at ₹10,950 and the stop-loss at ₹12,025 for the same period.
Shetti saw a possible turn in Wipro’s share-price trend and a continuing decline in Dixon’s, according to Mint. The two calls reflect his assessment of price patterns over the proposed trading period.
Wipro’s recent results provide a separate measure of its business performance. The company said IT services revenue, measured in constant currency, was unchanged from the prior quarter in the three months ended Sept. 30. For the quarter ending Dec. 31, it forecast a range from a 1.5% decline to 0.5% growth.
India’s Ministry of Petroleum and Natural Gas said crude-oil import dependence was approximately 88% on a petroleum, oil and lubricants (POL) consumption basis across fiscal 2023-24, 2024-25 and 2025-26. It attributed the high dependence mainly to rising energy demand. The figures provide context for the day’s rise in crude prices without establishing oil as the sole cause of the stock-market reversal.
Mint also reported that Shetti identified 22,700 to 22,750 as a support zone for the Nifty 50. Separately, Reuters reported that Jio Platforms’ public offering was fully subscribed within two hours of opening Oct. 21. The offering is scheduled to close Oct. 23, according to its prospectus filed with the Securities and Exchange Board of India (SEBI).
