Stock market starts positive; Adani Group shares show early gains

The Indian stock market started positively on Wednesday, with major indices experiencing a slight uptick at the start of the trading session. The Sensex began the day by rising 269.94 points to reach 76,184.03, while the Nifty started with an increase of 70.55 points, reaching 23,027.80.

Among the Nifty 50 stocks, 34 rose, 15 fell, and 2 stayed the same. Among the top gainers were Bajaj Auto, Cipla, Infosys, BEL, and Shriram Finance, while the top losers included HDFC Life, JSW Steel, NTPC, Hindustan Unilever, and Nestle India.

Akshay Chinchalkar, the Head of Research at Axis Securities, provided a technical analysis of market trends. He mentioned that the Nifty's early gains were followed by increased selling in the final hour, reflecting the ongoing struggle between bullish and bearish investors.

He said, "The increase in the Nifty and the ensuing sell-off in the final hour indicate a strategic battle between bulls and bears. The index recognized a 'Doji' pattern with a lengthy upper shadow, indicating that overhead supply is still a concern despite the recent sell-off."

Simultaneously, the extended lower shadows on the broader benchmark indices – NSE 500, mid-cap, and small-cap – underscore the importance for bulls to preserve recent lows.

At the market's opening, nearly all Adani Group shares experienced an uptick. Adani Energy Solutions witnessed a 0.45% rise in early trading. Adani Enterprises shares climbed by 0.48%, and Adani Ports shares saw a slight increase of 0.40%.

Adani Green Energy saw a slight increase of just 0.17%. Adani Power shares climbed by 1.16%, and Adani Total Gas shares increased by 0.13%. Adani Wilmar shares had a modest rise of 0.46%.

Market expected to rise in the coming days

Highlighting the crucial levels for the day, Chinchalkar mentioned that the Nifty is likely to remain within the trading range of 22,786 to 23,154. The Nifty's range for today is 22,786 to 23,154 and it needs to close above 23,050 daily for a significant rebound in the short term.

However, it will be crucial to safeguard the 22900 level due to the options positioning for tomorrow's weekly expiration. As market participants closely monitor these technical indicators, the upcoming sessions are anticipated to provide more insight into whether the bullish momentum will continue or bearish pressure will prevail.