Buy or sell stocks: The Indian stock market benchmark indices, Sensex and Nifty 50, ended lower for the second consecutive session on Tuesday, weighed down by selling across the board amid weak global market cues as persistent concerns over a renewed escalation of US-China trade tensions dampened investor sentiment. At the closing bell, the BSE Sensex dropped 297.07 points, or 0.36%, to close at 82,029.98, while the NSE Nifty 50 ended 81.85 points, or 0.32%, lower at 25,145.50.
Broader markets also reeled under selling pressure as the Nifty Smallcap 100 index declined 0.89% and the Nifty Midcap 100 index fell 0.75%. All the sectoral indices ended in the red, with the Nifty PSU Bank, Nifty Metal, Nifty Media, Nifty Pharma, Nifty Realty, and Nifty Consumer Durables falling the most. The Bank Nifty index ended 128.55 points, or 0.23%, lower at 56,496.45.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, noted that the market breadth was once again weak, with the advance decline indicating a ratio of 2:3 at close. Nifty 50 once again failed to move past the 25,300 zone, and with a gradual slide witnessed, managed to sustain above the 25,100 levels with bias and sentiment maintained with a cautiously positive approach.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The 25,000 zone shall be very crucial for the Nifty 50 index, which needs to be sustained, and with the result season started, we anticipate volatility and fluctuations during the intraday session. A significant move past the level of 25,400 is very important to improve the bias and establish conviction to anticipate a further upward move in the coming days.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index has been hovering near the 56,000 – 56,800 zone for the last 3 days and would need to breach above the 57,300 zone decisively to trigger a fresh upward move with conviction. The 20DMA zone of the 55,570 level would be important near-term support for the index, which needs to be sustained as of now.”
Parekh said that immediate support for the Nifty 50 index is seen at 24,950, while the resistance is positioned at 25,300. The Bank Nifty is expected to have a daily range of 56,000 – 57,000.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: Kirloskar Pneumatic Company, Tata Motors and Swiggy.
1] Kirloskar Pneumatic: Buy at ₹1,193, Target ₹1,240, Stop Loss ₹1,175
2] Tata Motors: Buy at ₹397, Target ₹420, Stop Loss ₹385
3] Swiggy: Buy at ₹441, Target ₹455, Stop Loss ₹430
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
