Buy or sell stocks: The key benchmark indices of the Indian stock market ended marginally higher in a choppy trading session on September 8, with benchmark indices witnessing a volatile intraday trajectory. The Nifty 50 opened on a firm note, buoyed by improved global sentiment after former US President Donald Trump remarked on the “special relationship” between the US and India, downplaying geopolitical concerns. The index gained traction in early trade, scaling an intraday high of 24,885 in the second half of the session. However, higher-level profit-booking capped the upside, leading the index to pare most of its gains and eventually settle at 24,773.15, up 32 points or 0.13% on the day.
Market participants are now focusing on upcoming inflation prints from India and the US, which are expected to influence the US Federal Reserve’s monetary policy outlook. In its last policy meeting, Fed Chair Jerome Powell signalled the possibility of a 25 basis point rate cut, a view that has gained traction following the release of a softer-than-expected US jobs report, further fuelling dovish expectations ahead of next week’s FOMC meeting. On the sectoral front, performance was mixed. Nifty Auto emerged as the top gainer, rallying 3.3% on the back of strong sectoral momentum. Nifty PSU Bank and Nifty Metal indices also closed in the green, adding 0.5% and 0.37%, respectively. Conversely, defensive sectors came under pressure, with Nifty IT declining 0.94%, Nifty Pharma shedding 0.27%, and Nifty FMCG easing by 0.21%.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is positive despite ending flat on Monday. The Nifty 50 index is facing hurdles at 24,800, and a fresh bull trend can be assumed on the breakage of the Technical breakout above this resistance.
Speaking on the outlook of the Indian stock market, Vaishali Parekh said, “The Nifty 50 index, with some volatility, witnessed some improvement but resisted near the 24,900 level during the intraday session to end on almost a flat note with sentiment slightly easing out with the broader markets indicating some positive cues in the last two sessions. As mentioned, the index must close above the 50-DEMA level at the 24,800 zone to establish conviction. Afterwards, expect a further upward move, with the 24,500 level now positioned as the crucial support zone.”
On the outlook of the Bank Nifty today, Parekh said, “The Bank Nifty index, once again, witnessed a failed attempt to move past the 54,500 zone, finding resistance and slipped to close on a flat note near the 54,200 level, with overall witnessing a rangebound movement for the time being. As said earlier, the index would need a decisive move past the 55,000 zone to improve the bias overall. Afterwards, anticipate a fresh upward move in the coming days, with the 53,600 level maintained as the important support zone that needs to be sustained.”
Parekh said that immediate support for the Nifty 50 index is 24,600, while the resistance is 25,000. The Bank Nifty would have the daily range of 53,800 to 54,800.
Vaishali Parekh’s stock recommendations today
Regarding intraday stocks to buy today, Vaishali Parekh recommended these three buy-or-sell stocks: Aditya Birla Capital, UPL, and Banco Products.
1] Aditya Birla Capital: Buy at ₹288.90, Target ₹305, Stop Loss ₹282;
2] UPL: Buy at ₹705.80, Target ₹740, Stop Loss ₹690; and
3] Banco Products: Buy at ₹632.25, Target ₹665, Stop Loss ₹618.
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.
