Stock market today: Nifty levels to watch; trading views on IndiGo, JSW Steel & Pidilite

Indian benchmark indices extended its gains for another session and settled higher on Wednesday, thanks to all-round buying in the markets. However, the US Federal policy meeting kept the rise in check. BSE Sensex gained 147.79 points, or 0.20 per cent, to end the session at 75,449.05. NSE's Nifty50 rose 73.30 points, or 0.32 per cent, to settle at 22,907.60 for the day.

Nifty continues to trade in the green as sentiment favors the bulls, though a significant upside move was limited. The index has been closing above the 21EMA for the last two days, confirming the bullish trend, said Rupak De, Senior Technical Analyst at LKP Securities. "The RSI is in a bullish crossover and rising and the trend is likely to remain positive. Support is placed at 22,600. On the higher end, resistance is placed at 23100-23150," he said.

Some buzzing stocks including InterGlobe Aviation Ltd (IndiGo), JSW Steel Ltd and Pidilite Industries Ltd are likely to remain under the spotlight of traders for the session today. Here is what Laxmikant Shukla, Senior Manager - Technical Research at YES Securities has to about these stocks ahead of Thursday's trading session:

InterGlobe Aviation | Buy | Target Price: Rs 5,350 | Support: Rs 4,560

IndiGo has witnessed a significant surge in price and volume during the last trading session, breaking out from its downward sloping line on the daily chart. The stock has also surpassed its previous swing high of Rs 5,035, indicating a continuation of its uptrend. Furthermore, the 14-period RSI has displayed a positive crossover, aligning with the recent price action and reinforcing the bullish outlook. Consider buying on dips around Rs 4,800-4850, with a stop loss at Rs 4,560 and a target of Rs 5,350 in the near term.

Pidilite Industries | Caution | Resistance: Rs 2,820 | Support: Rs 2,600

Pidilite Industries has been consolidating sideways for the past two weeks, showing no clear directional bias. On the weekly chart, it has encountered significant resistance in the Rs 2,790-2,820 range near its 100-week SMA. The repeated formation of doji candlestick patterns on the weekly chart indicates market indecision. Conversely, a key support base has formed around the Rs 2,600 level, near its 200-week SMA. Therefore, a decisive breakout in either direction is eagerly anticipated to establish a clear trend.

JSW Steel | Buy | Target Price: Rs 1,090 | Support: Rs 970

JSW Steel has demonstrated a descending trendline breakout after consolidation and is currently trading comfortably above all its key moving averages on the daily chart. Daily RSI has given a bullish crossover on the daily chart reinforcing the given breakout. The overall trend appears to be upward and minor upcoming fluctuations are likely to provide a favorable environment for buyers. Hence, we recommend Buying JSW Steel on a dip around Rs 1,000-1,010 keeping a stop loss of Rs 970 on a closing basis for a potential target of Rs 1,090.