Buy or sell stocks: The key benchmark indices of the Indian stock market are expected to trade with a cautious undertone as persistent uncertainty surrounding the US-Iran negotiations continues to weigh on investor sentiment. Following the subdued global cues, the Gift Nifty futures are trading just above the 24,500 mark, compared with the Nifty’s previous close of 24,471, indicating a flat-to-mildly positive start for domestic equities.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, has predicted a flat start for the Indian stock market and recommended buying these three buy-or-sell stocks for intraday trading — Suven Life Sciences, Fractal Analytics, and Aarti Drugs.
Gift Nifty signalling flat-to-positive start
The Gift Nifty live chart is trading above 24,500, signalling a flat-to-positive start for the Indian indices. By 7:20 AM, the index was trading at 24,540, up 69 points from yesterday’s spot Nifty close.
Stock market today
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said the 50-stock index witnessed some profit booking and slipped below the 24,500 zone, nearing the important support level of 24,400 after prolonged consolidation and flat closing over the past few days.
“The Nifty 50 index has remained flat for quite some time, and as mentioned earlier, would need to sustain the important band range of 24,350 -24,400 zone to maintain the positive outlook intact, whereas on the upside, a decisive move above the important 200-period MA at 24700 zone is much needed to trigger a breakout and thereafter, expect a fresh upward move in the coming days,” said Parekh.
On the outlook of the Bank Nifty today, Vaishali Parekh of Prabhudas Lilladher said, the key benchmark index slipped down below the important 200-period MA at 57,480 level during the session but managed to hold on to the important support zone at 50-EMA level of 57,100 zone to sustain the bias with HDFC Bank hovering near the crucial and important support of 725 zone which needs to be sustained failing which it can drag the index further down in the coming sessions.
“The Bank Nifty index would need a decisive breach above the tough resistance hurdle at the 58,500 zone, whereas the important and major support would be positioned near the 100-period MA at the 56,000 level,” she added.
Vaishali Parekh’s stock recommendations for today
As mentioned above, Vaishali Parekh has recommended buying these three buy-or-sell stocks for intraday trading — Suven Life Sciences, Fractal Analytics, and Aarti Drugs.
1] Suven Life Sciences: Buy at ₹340, Target ₹352, Stop Loss ₹332;
2] Fractal Analytics: Buy at ₹828, Target ₹874, Stop Loss ₹810; and
3] Aarti Drugs: Buy at ₹439, Target ₹462, Stop Loss ₹430.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
