The Nifty index closed higher on Wednesday, supported by gains in the auto and banking sectors, although IT and FMCG stocks exerted selling pressure. Rupak De, Senior Technical Analyst at LKP Securities, noted that the index has been trading within a range of 23,400 to 23,800 and has struggled to reclaim the 20EMA level, indicating weak market sentiment. He suggested that a decisive move above 23,800 could lead to a rally, while a drop below 23,400 might trigger panic selling.

Analysts recommend buying Manappuram Finance at ₹319.15, targeting an 8% upside to ₹345, with a stop-loss at ₹308. The stock has shown a bullish breakout above the ₹318-320 resistance zone, indicating strong momentum. Similarly, Apollo Micro Systems is advised for purchase at ₹356.7, also targeting an 8% upside to ₹385, with a stop-loss at ₹340. This stock has demonstrated a strong breakout above the ₹355 resistance, supported by increased trading volume. Both stocks exhibit positive RSI readings, suggesting sustained buying strength.