Buy or sell stocks: The Indian stock market ended lower for the sixth straight session, and the Nifty 50 index clocked its longest losing streak since March 2020. This sustained downturn over six weeks has resulted in a cumulative loss of 4.97% for the Nifty 50 index. On the week’s final session, the selling pressure was acute, as the Nifty fell 232 points (0.95%) to close at 24,363, marking its lowest level in the last three months.
In an overall weak market today, a few names showed relative resilience. NTPC, Titan, and Dr. Reddy’s Laboratories led the charge among the Nifty’s top performers. Conversely, it was a particularly tough session for IndusInd Bank, Bharti Airtel, and Adani Enterprises, which ended as the major losers within the Nifty pack. Trading volumes in the NSE cash market were slightly higher by 2% compared to yesterday.
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 key benchmark index may try to touch its new support at 200-DEMA of 24,000.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index, amid uncertainty with the tariff turmoil, once again fizzled out from the 24,600 zone with profit booking witnessed weakening the bias with the index precariously placed having the crucial 200-period MA at 24,000 level as the major support from here on. The sentiment has turned very cautious, and only a decisive breach above the 24,800 zone shall get some clarity and conviction for further rise in the coming sessions.”
On the outlook of the Bank Nifty today, Parekh said, “The Bank Nifty index plunged from the 55,600 zone in the morning session and continued with the slide as the day progressed to end on a weak note with a bearish engulfing pattern on the daily chart signalling weak sentiment and can anticipate further slide. The 100-period MA positioned at the 54,800 level is at risk, and a decisive breach below shall trigger a fresh downward slide with the 53,500 zone as the major support of the previous low made.”
Parekh said that immediate support for the Nifty 50 index is placed at 24,200, while the resistance is at 24,600. The Bank Nifty would have the daily range of 54,400 to 55,600.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended these three buy-or-sell stocks: Bharat Forge, Marico, and Bank of Maharashtra.
1] Bharat Forge: Sell at ₹1135, Target ₹1100, Stop Loss ₹1152;
2] Marico: Sell at ₹703.95, Target ₹674, Target ₹720; and
3] Bank of Maharashtra: Buy at ₹55.65, Target ₹59, Stop Loss ₹54.
Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
