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The Nifty IT index was trading 0.1 per cent up at 28903.4.

​Gravestone Doji Pattern is a one-day candlestick pattern in which there is a long upper shadow and shows up in the case of uptrend movement.​

The Vedanta Group, led by billionaire Anil Agarwal, has secured an $850m loan from JPMorgan Chase and Oaktree as it tries to find funds to pay back a $500m bond. The debt of the Indian mining operation, which suffered a setback after zinc mining unit sale to Hindustan Zinc was blocked, is causing investors concern, with the news agency Bloomberg reporting that Vedanta Resources bonds due to be repaid this year and in 2026 are trading below 70 cents to the dollar.

Indiabulls Housing Finance Company and Delta Corp are the two stocks under trade ban on May 23. The availability of banned stocks for trading in the cash market remains the same. An open interest of over 95% of the market-wide position limit places a stock in the ban period, which continues until open interest falls below 80%. Traders who trade in indices do not face a security ban. Nifty gained momentum to close above 18,350 levels, and its lower-end support stands at 18,200 levels.

The Indian market closed flat but positive on Tuesday for the third consecutive day. Sectorally, utility, power, oil and gas, and energy stocks witnessed buying, while capital goods, IT, and realty stocks saw selling. Adani Enterprises surged over 13%, India Oil Corporation hit a 52-week high, and Balkrishna Industries rose over 5% on Tuesday. Viral Chheda, Sr. Technical Analyst at SSJ Finance & Securities, recommends buying Adani Enterprises and Indian Oil Corporation, while booking profits on Balkrishna Industries.

Mid-caps and small caps have outperformed the most, followed by the Nifty50 index. But what has been a constant pattern in the last 18 months has been profit booking at the end of these quickly spurted rallies, taking markets down again.

India’s profits to GDP have almost recovered to 4.5% to 5% and are sustainable due to the profitability of most sectors including banks, commodities, capex, IT, pharmaceuticals, chemicals, metals and utilities. However, the power sector is a good bet for potential re-rating as it is still not trading like a growing business and its quasi-sovereign status gives them advantages for borrowing.

Online beauty platform Nykaa is expected to report a 31% YoY growth in Q4 revenue at Rs 1,277 crore due to a strong festive season base; however, sales are set to decline by almost 13% on a sequential basis. Hindalco Industries’ net sales for the same quarter are expected to decline by 4% to Rs 53,500 crore and profits falling by 44% to Rs 2,300 crore. Meanwhile, Life Insurance Corp (LIC) posted a consolidated net profit of Rs 8,334 crore for Q3 and recorded a 14% YoY increase in net premium income to Rs 1.12 lakh crore in December quarter.

The 200-day DMA is used as a key indicator by traders for determining the overall trend in a particular stock.

NAFA Asset Managers prefer holding construction material stocks, such as Greenpanel, rather than directly investing in the real estate industry, says KR Senthilnathan, director of investments. As the rate hikes have somewhat finished, the falling rates would increase market potential for these companies, with banks and other real estate-related stocks to perform well during the rate down cycle. The home improvement sector is expected to grow by 13%-15% and produce stocks like Green Panel with reasonable cash flow yield of 8.5%.