Stock market today: Amid Janmashtami celebrations across the nation, the key benchmark indices of the Indian stock market are expected to open on a strong note, supported by Wall Street’s overnight rebound and gains across Asian equities as easing global bond yields provide some relief to risk assets. The Gift Nifty Live Chart is also trading above yesterday’s spot Nifty 50 close with a sizeable margin.
Gift Nifty signals a strong gap-up start
The Gift Nifty Live Chart is trading around 24,025, more than 150 points above yesterday’s spot Nifty close and nearly 100 points above the previous close.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market may have a big gap-up start, as the Gift Nifty Live Chart is trading above yesterday’s spot Nifty close and its previous close. However, she maintained that a bullish or a bearish trend can be assumed only when the 50-stock index breaks either of the 23,800-24,400 range.
Stock market today
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, the 50-stock index opened with a gap up near the 24,000 zone but fizzled out, eroding the gains as the day progressed to end in the red below the 23,900 zone with bias and sentiment precariously placed with the important and crucial support of the 23,800 level under threat.
“With the index hovering below the 100-period MA of 24,000 level, it would need to sustain the 23,800 zone, and on the upside, from the current rate, it would need to move past the 50-EMA level at the 24,200 zone to improve the bias and establish conviction to continue with the upward move,” said Parekh.
On the outlook of the Bank Nifty today, the Prabhudas Lilladher expert said, the key benchmark index continues to be gripped between the tight range of 58,000 zone and 57,000 level with the major and crucial support positioned near the 100-period MA at 56,500 zone as the major support from the current rate, which needs to be sustained to maintain the trend intact.
“On the upside, the 58,000 zone continues to be the tough resistance hurdle which desperately needs to be conquered to trigger a breakout,” she added.
Vaishali Parekh’s stock recommendations for today
Regarding stock recommendations for today, Vaishali Parekh recommends three stocks to buy today: Titagarh Rail Systems, Edelweiss Financial Services, and PI Industries.
1] Titagarh Rail Systems: Buy at ₹842 | Target ₹880 | Stop Loss ₹820;
2] Edelweiss Financial Services: Buy at ₹130 | Target ₹150 | Stop Loss ₹126; and
3] PI Industries: Buy at ₹2417 | Target ₹2520 | Stop Loss ₹2360.
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.
