Buy or sell stocks: Despite Gift Nifty indicating a positive start, the key benchmark indices of the Indian stock market opened lower on Wednesday. However, buying emerged right from the opening tick, forming an ‘Open Low’ setup, and as the session progressed, prices continued to climb steadily. The Nifty 50 index ultimately closed with substantial gains of 320 points, surpassing the psychological 26,200 mark. With this move, the 50-stock index not only reversed the decline of the previous three sessions but also encompassed the entire corrective phase, marking the year’s highest close and setting the December series on a firm footing. The all-time high now sits within striking distance and appears more like a near-term formality. The BSE Sensex surged over 1,000 points and closed at 85,609. The Bank Nifty index skyrocketed 707 points and closed at 59,528.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment has turned positive as the Nifty 50 index witnessed a strong turnaround from 25,850 and surged up to 26,200. The key index is poised to reach 26,500 and 27,200 in the near term.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index witnessed a strong and convincing turnaround from the 25,850 zone with a huge bullish engulfing candle to indicate a strong optimistic closing at the 26,200 level accompanied by a robust move from the broader markets to ease out the sentiment and to anticipate for further rise in the coming days. The index would have the important support near the 25,750-25,800 band, which needs to be sustained, and on the upside, with the undertone going strong, one can expect fresh higher targets of 26,500 and 27,200 levels in the coming days, as mentioned earlier.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index indicated a strong bullish candle formation on the daily chart to witness a breakout above the previous peak level of 59,400 zone and enter a new territory, triggering a fresh round of upward move in the coming days. The index would have the near-term support positioned near the 58,600 zone, which needs to be sustained, and on the upside, can expect fresh higher targets of 61,400 and 63,500 levels in the coming days.”
Parekh stated that immediate support for the Nifty 50 index is located at 26,100, while the resistance level is at 26,400. The Bank Nifty index is expected to have a daily range of 59,000 to 60,200.
Vaishali Parekh’s stock recommendations for today
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks for intraday trading: Bharat Electronics Ltd or BEL, Kalyan Jewellers India, and Morepen Laboratories.
1] BEL: Buy at ₹413, Target ₹430, Stop Loss ₹408;
2] Kalyan Jewellers India: Buy at ₹496, Target ₹510, Stop Loss ₹490; and
3] Morepen Laboratories: Buy at ₹44, Target ₹48, Stop Loss ₹42.
Key Takeaways
- The Indian stock market shows a strong bullish sentiment with substantial gains in major indices.
- Vaishali Parekh identifies three stocks for intraday trading, highlighting potential targets and stop-loss levels.
- The Nifty 50 index is poised to reach higher targets in the coming days, with significant support and resistance levels noted.
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.
