Buy or sell indicator: The key benchmark indices of the Indian stock market are likely to remain cautious amid elevated crude oil prices and rising global bond yields, which continue to weigh on investor sentiment. The Gift Nifty live chart is trading above yesterday’s spot Nifty 50 close and its previous close, signalling a gap-up start on Thursday. Asian markets are also trading higher in the early morning dealings, which augurs well for Dalal Street bulls.
Gift Nifty signals cautious-to-positive start
The Gift Nifty live chart is trading around the 24,080 level, more than 150 points higher than yesterday’s spot Nifty close and 115 points higher than its previous close.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market may have a positive start on Thursday, as the Gift Nifty live chart is trading above yesterday’s spot Nifty close and its previous close. She predicted the Nifty 50 index may open above 24,000. However, the Prabhudas Lilladher expert suggested investors to wait as it would be crucial for the Nifty 50 index to break and sustain above its 50-DEMA hurdle of 24,050. Parekh said the Indian stock market bias would be cautious-to-positive and suggested a buy-on-dips strategy for intraday trading.
Stock market today
Speaking on the outlook for the Nifty 50 today, Vaishali Parekh said, the 50-stock index after the gap down opening breached below the crucial 23,800 zone during the intraday session but indicated a recovery in the later half to end just above the 23,900 level with bias maintained with a cautious approach, but anticipating crossing above the 24000 zone to regain some confidence in the coming sessions.
“The crucial support of 23,800 ame under threat on Wednesday’s session. So, the Nifty 50 index would need a decisive revival, with tough resistance near the 24400 zone, as mentioned earlier,” said Parekh.
On the outlook for the Bank Nifty today, Vaishali Parekh said, the key benchmark index indicated a dip in the morning session, breaching below the 50-EMA level at 57,300 zone and the important and crucial support of 57,000 level, but witnessed some recovery to sustain above the 57,000 level with bias overall maintained with a cautious approach, with consolidation continuing.
“The Bank Nifty index would have the 100-period MA at the 56,500 zone as the major support from the current rate, which needs to be sustained to maintain the trend intact,” said Parekh.
Vaishali Parekh’s stock recommendations for today
Regarding buy or sell indicators for intraday trading, Vaishali Parekh recommends three stocks to buy today: Sammaan Capital, Arvind, and Wockhardt.
1] Sammaan Capital: Buy at ₹152.30 | Target ₹162 | Stop Loss ₹149;
2] Arvind: Buy at ₹574 | Target ₹600 | Stop Loss ₹562; and
3] Wockhardt: Buy at ₹1904 | Target ₹2000 | Stop Loss ₹1880.
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.
