Buy or sell indicator: The key benchmark indices of the Indian stock market are expected to remain cautious despite breaking their recent losing streak, as elevated crude oil prices and renewed global risk aversion continue to weigh on sentiment. The Gift Nifty live index is trading nearly 90 points above yesterday’s spot Nifty 50 close, which may attract Dalal Street bulls.
Gift Nifty signalling a gap-up opening
The Gift Nifty index is trading around 24,325, signalling a gap-up opening when the Indian market opens. Bulls may have a sigh of relief as the Gift Nifty live chart is trading above yesterday’s close as well.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market may have a gap-up opening. She said the Nifty 50 index move past the 100-DEMA decisively, which also augurs positive news for Dalal Street bulls.
Stock market today
Speaking on the outlook for the Nifty 50 today, Vaishali Parekh said, the 50-stock index witnessed a gap up opening above the 24,225 zone and moved past the important 100-DEMA at the 24,211 level to further improve the bias and ended the session on a positive note with the 24,400 zone as the important hurdle that needs to be breached decisively further to establish conviction and clarity in the coming days. The Nifty 50 index would have the important support positioned near the 24,000 zone, which needs to be respected to maintain the overall bias intact.
On the outlook of the Bank Nifty today, Vaishali Parekh said, the key benchmark index witnessed a positive gain and closing above the 57,450 level with bias improving, and would need to sustain above the 58,000 zone in the coming sessions to establish conviction and clarity.
“The Bank Nifty index would have the near-term support at the 50-DEMA level at the 57,200 zone, which needs to be sustained. The support for the day is seen at 24,100 levels, while the resistance is seen at 24,400 levels. Bank Nifty would have the daily range of 57,000-58,000 levels,” said Parekh.
Vaishali Parekh’s stock recommendations for today
Regarding buy-or-sell stocks for intraday trading, Vaishali Parekh recommended three stocks to buy today: Hindustan Zinc, DCB Bank, and Glenmark Pharma.
1] Hindustan Zinc: Buy at ₹573.90, Target ₹600, Stop Loss ₹562;
2] DCB Bank: Buy at ₹188.60, Target ₹200, Stop Loss ₹184 and;
3] Glenmark Pharma: Buy at ₹2332, Target ₹2450, Stop Loss ₹2290.
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.
