Buy or sell stocks: Following the escalation in trade worries after Trump’s pharma tariff, the key benchmark indices of the Indian stock market ended lower for the seventh straight session on Friday last week. The Nifty 50 index moved from 25,423 to 24,654 in these seven successive sessions, logging over 750 points or around 3% dip in this sharp selling. The BSE Sensex has shrunk from 83,013 to 80,426 levels, recording 2,767 points or a 3.33% dip.
Trump’s pharma tariffs, H-1B visa fee hike and weakness in the Indian National Rupee (INR) against the US Dollar (USD) are some of the primary reasons that have been dragging the key Indian benchmark indices.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment has weakened as the Nifty 50 index slipped below the crucial 24,800 support. Now, the index has immediate support at 24,550 to 24,500 levels, while essential support is placed at 24,300 to 24,250. The Prabhudas Lilladher expert said the key benchmark index may try to test 24,400 to 24,350 in the near term.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 520 index, opened with a gap down and tanked heavily with profit booking witnessed as the day progressed to end on a very weak note near 24,650 zone with bias turning weak and the index now precariously placed having the crucial and major support positioned near the 24,450-24,500 zone. With the sentiment now maintained with a very cautious approach, the index needs to sustain the 24,450-zone failing, which the trend would turn weak, triggering fresh intensified selling pressure in the coming days, with the next support at 200-period SMA near 24,100 level.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index succumbed to heavy profit booking and plunged below the 54,400 zone during the intraday session, with bias weakening and sentiment turning into a very cautious mode. The next major support zone lies near the 53,600 level of the previous bottom made. From the current rate, for the index to improve its bias, it would need to decisively move past the 50-EMA level at 55,200 zone and then expect further rise in the coming days.”
Parekh said that immediate support for the Nifty 50 index is placed at 24,500, while the resistance is at 24,900. The Bank Nifty would have the daily range of 54,000-55,200.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: HBL Engineering, Black Box, and Suprajit Engineering.
1] HBL Engineering: Buy at ₹835, Target ₹870, Stop Loss ₹820;
2] Black Box: Buy at ₹495.80, Target ₹524, Stop Loss ₹485; and
3] Suprajit Engineering: Buy at ₹494, Target ₹530, Stop Loss ₹484.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
