Stock market today: The key benchmark indices of the Indian stock market are expected to remain under pressure as elevated crude oil prices and rising U.S. Treasury yields, amid persistent geopolitical tensions, continue to cloud the global macroeconomic outlook. The Gift Nifty is also oscillating around its previous close, maintaining a thin positive margin over yesterday’s sport Nifty 50 close of 23,431.
Gift Nifty signals flat start
The Gift Nifty live chart is trading around its previous close of 23,490, whereas it is trading around 50 points higher than yesterday’s spot Nifty 50 close of 23,431.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market may have a flat start on Thursday, as the Gift Nifty live chart is trading around its previous close, maintaining a thin positive margin against yesterday’s spot Nifty 50 close. However, she maintained that Dalal Street bias is nervous and that the 50-stock index has found new support at 23,000 after the breakdown at 23,800.
Stock market today
Speaking on the outlook for the Nifty 50 today, Vaishali Parekh said the 50-stock index tanked heavily, opening gap-down, with the trend weakening and sentiment once again slipping into a nervous mode. The index is being maintained with a very cautious approach for now, with the 23,000 zone positioned as the next important support level.
“The Nifty 50 index losing control has slipped down for the 4th consecutive sessions, and only a decisive breach above the 24,000 zone can bring about some improvement in the bias and thereafter, establish conviction for further rise in the coming days,” said Parekh.
On the outlook for the Bank Nifty today, Vaishali Parekh of Prabhudas Lilladher said, the key benchmark index slipped heavily on the back of HDFC Bank losing further, making a new low below the 690 level, which dragged the index to break below the important 100-period MA at the 56,500 zone with bias and sentiment now getting weaker.
“The Bank Nifty index would now have the next support near the 54,500 level while the crucial and major support is positioned near the 53,000 zone of the previous low made, below which the overall trend would turn bearish,” said Parekh.
Vaishali Parekh’s stock recommendations today
Vaishali Parekh has recommended three stocks to buy today — Meesho, Torrent Power, and Max Healthcare Institute.
1] Meesho: Buy at ₹216.70 | Target ₹228 | Stop Loss ₹211;
2] Torrent Power: Buy at ₹1305 | Target ₹1370 | Stop Loss ₹1277; and
3] Max Healthcare Institute: Buy at ₹1037 | Target ₹1100 | Stop Loss ₹1015.
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.
