Nifty Holds Above 24,500 Ahead Of Key GST Council Meet; Metals Shine, TBO Tek Surges On US Deal

Indian equity markets opened on a subdued note, with the Nifty holding above the 24,500 mark. Investors will be monitoring the two-day GST Council Meet that begins in Delhi today.

At 09:50 a.m. IST, the Nifty 50 traded flat at 24,573, while the Sensex was down 37 points at 80,120. Broader markets held the ground, with the Nifty Midcap index rising 0.3% and the Smallcap index trading 0.6% higher.

Meanwhile, the retail sentiment on Stocktwits for Nifty remained ‘neutral’ at market open. 

Stock Watch

Sectorally, technology traded in the red, while metals saw strong buying action. Tata Steel, Hindalco, and JSW Steel were among the top Nifty gainers.

TBO Tek shares surged 13% after it acquired US-based Classic Vacations from Phoenix-based The Najafi Companies for up to $125 million.

MOIL shares rose 6% on reporting its best-ever August production, achieving 1.45 lakh tonnes, a growth of 17%.

Indus Tower fell 4% after its board approved the foray into the African market. Brokerage firm CLSA believes this plan of revenue diversification is unlikely to be significant and has revised its target price lower to ₹520.

Man Industries surged 9% on securing an international order worth ₹1,700 crore. 

Stock Calls

Analyst Vinayak Gautam shared three stock recommendations for Wednesday:

Mazagon Dock: Buy at ₹2,731, with a target price at ₹2,800, and stop loss of ₹2,701

Eternal: Buy at ₹322, with target price of ₹350, and stop loss at ₹310

Indus Tower: Buy at ₹329, with a target price of ₹360, and a stop loss at ₹315

Wealth Guru recommended a ‘Buy’ on Mobikwik above ₹300, with a stop loss at ₹270, for target prices of ₹320, ₹340, and ₹370.

Markets: The Road Ahead

From a technical standpoint, SEBI-registered analysts on Stocktwits shared the trade setup. 

Prabhat Mittal has pegged Nifty intraday support at 24,480, with resistance at 24,820. For Bank Nifty, he sees support at 53,300 and resistance at 54,200.

Sameer Pande sees strong support near 24,500-24,350, and short covering can be seen if the Nifty index crosses above 24,800.

Pradeep Carpenter expects a soft start with intraday volatility around GST announcements. He identified 24,500 for the Nifty & 53,500 for Bank Nifty as crucial levels for intraday direction.

Global Cues

Globally, Asian markets traded mixed, while crude oil prices held steady ahead of the OPEC+ meeting over the weekend.

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