Buy or sell stocks: The key benchmark indices of the Indian stock market — Nifty 50 and Sensex — staged a sharp late-hour rebound on Thursday, August 7, paring deep intraday losses to close marginally higher. Risk sentiment improved on renewed hopes of diplomatic dialogue between the US and Russia. Optimism was further fueled by reports of potential peace talks involving Trump, Putin, and Zelensky, reviving expectations of a more dovish US stance on trade.
The Nifty 50 index started the session on a soft note and dragged lower in the first half on the back of US President Donald Trump imposing an extra 25 per cent tariff on Indian exports, raising the overall duty to 50 per cent. The move is a retaliatory measure in response to India’s continued Russian oil imports and defence equipment. Nifty, however, recovered in the second half and closed the session marginally higher.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market bias has weakened as the Nifty 50 index slipped below the crucial 24,500 support. The Prabhudas Lilladher expert said the 50-stock index may try to touch its 200-DEMA support placed at 24,000 in the upcoming session if it fails to regain 24,500 levels.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index witnessed a weak session sliding below the important support zone at 24,500 level to touch the intraday low of 24,345 level from where a robust pullback erasing the loss, closed marginally in the green above the 24,500 level to keep hopes alive and anticipate for further improvement. As we have mentioned, bias and sentiment are precariously placed and need to be checked for further development, which shall decide the future course of the trend. The 200-period MA at the 24,000 level would be the major support if the 24,500 zone is decisively breached below, weakening the bias.”
“The Bank Nifty index, after the initial slide, witnessed a decent recovery from the 55,000 zone to end the session in the green near the 55,500 zone with bias maintained with a cautious approach. As said earlier, the index has the important 100-period MA at the 54,800 level, which would be the near-term support zone and, on the upside, a decisive breach above the 50-DEMA zone at the 56,000 level would improve the bias, thereafter, expecting further rise,” said Parekh.
Parekh said that the immediate support for the Nifty 50 index is at 24,450, while the resistance is at 24,800. The Bank Nifty would have a daily range of 54,800 to 56,000.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended these three buy-or-sell stocks: Delhivery, Adani Power, and PNB.
1] Delhivery: Buy at ₹463, Target ₹480, Stop Loss ₹448;
2] Adani Power: Buy at ₹580, Target ₹630, Stop Loss ₹560; and
3] PNB: Buy at ₹104, Target ₹110, Stop Loss ₹100.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
