Buy or sell stocks: The Indian stock market closed on a firm footing in Thursday’s weekly F&O expiry session, navigating a volatile and rangebound trading day, buoyed by positive global cues ahead of key macro triggers — notably the upcoming US and India CPI prints. At the close, the Sensex added 314.02 points or 0.39%, to settle at 81,101.32, while the Nifty 50 climbed 95.45 points or 0.39%, ending at a fresh high of 24,868.60.
On the sectoral front, Nifty IT outperformed, riding on continued investor appetite for tech counters, while Pharma and FMCG extended support with their defensiveness, offering a hedge against macro uncertainty. Conversely, Oil & Gas, Realty, and PSU Banks underperformed, dragging benchmark gains. The broader market remained resilient, with the Nifty Midcap 100 inching up 0.18% and the Nifty Smallcap 100 advancing 0.34%, signalling continued breadth and sustained traction in the mid and small-cap segments beyond frontline stocks.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is cautiously optimistic as the Nifty 50 index closed above the 50-DEMA hurdle at 24,800. Sustaining above this hurdle would mean a fresh bull trend on Dalal Street.
Speaking on the outlook of the Indian stock market, Vaishali Parekh said, “The Nifty 50 index, after opening with a gap up near 24850 zone, remained sluggish for the entire session with a very narrow rangebound movement with bias overall maintained with a cautiously positive approach and with a close above the important 50EMA level at 24800 zone has brought some hopes for further upward move in the coming days. The 25000 zone shall be a crucial landmark above which the bias would improve with much conviction established, expecting a further rise.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index, continue to remain sluggish with very much passive activity as the index remained flat throughout the session to end near the previous day’s close at 54,200 zone with the trend precariously placed and as we have been mentioning, would need a decisive move past the 55,000 zone to improve the bias overall and thereafter, anticipate for fresh upward move in the coming days with 53,600 level maintained as the important support zone which needs to be sustained.”
Parekh said that the Bank Nifty index’s immediate support is at 24,700, while the resistance is at 25,000. The Bank Nifty’s daily range is 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: Ujjivan Small Finance Bank, Adani Energy Solutions, and Titagarh Rail Systems.
1] Ujjivan Small Finance Bank: Buy at ₹45, Target ₹50, Stop Loss ₹43;
2] Adani Energy Solutions: Buy at ₹789, Target ₹810, Stop Loss ₹770; and
3] Titagarh Rail Systems: Buy at ₹880, Target ₹920, Stop Loss ₹860.
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.
