Buy or sell indicator: The key benchmark of the Indian stock market are poised for a steady start as easing crude oil prices continue to improve the near-term macro backdrop for domestic equities. The GIFT Nifty futures are trading above the 24,300 mark in early trade, pointing to a positive opening for domestic markets despite mixed global cues.
Gift Nifty live chart signals ap-up start
The Gift Nifty live chart is signalling a gap-up start, with the index trading above 24,350, up nearly 150 points from yesterday’s spot Nifty 50 close. However, the index is trading below its yesterday’s close.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market may have a flat-to-positive start on Thursday, as the Gift Nifty live index is above yesterday’s spot Nifty close but below its yesterday’s close.
Stock market today
Speaking on the outlook for the Nifty 50 today, Vaishali Parekh said the 50-stock index fizzled out from the resistance barrier at the 200-EMA level of 24378 and closed near the 24,200 zone, with bias maintained in a cautiously positive approach as of now.
“The Nifty 50 index would need to decisively breach above the hurdle of the 24400 level to establish conviction and stability, and thereafter can expect further rise in the coming days. On the downside, the 24,000 level shall be positioned as the important near-term support that needs to be sustained,” said Parekh.
On the outlook of the Bank Nifty today, Vaishali Parekh of Prabhudas Lilladher said, the key benchmark index ended the session in the green, with consolidation witnessed in the range of the 57,300–58,000 zone, sustaining above the near-term support zone of the 50-EMA level of 57,250, with bias maintained with a positive approach as of now.
“The Bank Nifty index has important support at 57,250 and thereafter, 57,000 levels, shall be the crucial zone that needs to be sustained in the coming sessions, whereas on the upside, the 58200 level would be the important hurdle that needs to be breached above decisively. Support for the day is at the 24,000 level, while resistance is at the 24,400 level. Bank Nifty would have a daily range of 57,000-58,500,” said Parekh.
Vaishali Parekh’s stock recommendations for today
Regarding buy or sell stocks, Vaishali Parekh recommended three stocks to buy today — Vedanta Oil and Gas, Morepen Laboratories, and Marksans Pharma.
1] Vedanta Oil and Gas: Buy at ₹41, Target ₹44, Stop Loss ₹40;
2] Morepen Laboratories: Buy at ₹95, Target ₹102, Stop Loss ₹93; and
3] Marksans Pharma: Buy at ₹332, Target ₹350, Stop Loss ₹320.
Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions.
