Indian benchmark indices posted robust gains on Wednesday, driven by positive global cues ahead of the US Federal Reserve’s decision.

Despite subdued Q1 earnings and high valuations tempering the rally, the BSE Sensex surged 347.68 points, or 0.43 percent, closing at 81,803.08.

Meanwhile, NSE’s Nifty50 gained 93.85 points, or 0.38 percent, ending the day at 24,951.15. 

ITC Ltd has experienced a sideways trend over the past four to five days, signaling a pause in its bullish rally. This period of consolidation follows the formation of bearish candles on the daily chart.The stock’s sentiments remain neutral due to the lack of a directional breakout or pattern formation.

 

Zomato Ltd has demonstrated a significant breakthrough by surpassing its prior swing high on the monthly chart, indicating sustained bullish momentum. The stock’s momentum indicator, the relative Strength Index (RSI), consistently stays above 60, reinforcing the positive sentiments. This robust foundation positions Zomato well for continued upward momentum in the coming sessions. 

Dabur India Ltd has been trading sideways for the past four to six days, indicating a potential pause in its recent upward trend. The stock's bearish price action on the daily chart has contributed to this consolidation phase. Without a clear breakout or recognizable chart pattern, the sideways movement is likely to persist.

Several stocks attracted significant attention from traders, with ITC Ltd, Dabur India Ltd, and Zomato Ltd likely to remain in the spotlight during Thursday’s session.

The overall market sentiment remains cautiously optimistic, with traders keeping a close watch on global developments and domestic corporate earnings. As the US Federal Reserve’s decision approaches, its impact on global markets will be pivotal. Despite high valuations and mixed earnings reports, the resilience shown by key stocks like ITC, Dabur India, and Zomato suggests potential opportunities for investors in the near term. 

Investors are advised to stay informed and consider these technical insights while making trading decisions. The focus on support and resistance level for these key stocks will be crucial in navigating the current market environment. As always, a careful analysis of market trends and corporate performance will guide successful trading strategies in the days ahead.