Buy or sell stocks: Following strong global market cues, the key benchmark indices of the Indian stock market climbed to a new peak on Thursday. After a gap-up opening, the Nifty 50 index and the BSE Sensex registered a fresh all-time high of 26,310.45 and 86,055.86, respectively, but they trimmed some gains in the second half of the day. The Bank Nifty index also hit a new peak of 59,866.60. While climbing to this new peak, the Bank Nifty index scaled a fresh high for the second straight session. Among sectors, the Media index rallied 0.60%, whereas the Reality, Oil, and Gas indices lost the most, shedding 0.70%.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is positive as the Nifty 50 index climbed to a new peak of 26,310. The 50-stock index appears poised to reach 26,500 in the near term. The index has made crucial support at the 25,800 to 25,750 levels. If this support remains sacrosanct after the profit booking trigger, we can expect the index to touch 27,200 soon.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index witnessed a positive start in the opening session to scale a time high level of 26,310 zone to create history, breaching above the previous peak level of 26,277 zone with bias maintained strong and can expect for continuation of further rise in the coming days. The index entering a new territory would have the important support near the 25,750-25,800 band, which needs to be sustained as mentioned earlier, and, on the upside, we have fresh upside targets of 26,500 and 27,200 levels in the coming days.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index extended the gains to make new highs with strong bias indicated and has almost reached the 60,000 landmark with the frontline banking stocks like ICICI Bank, HDFC Bank, Kotak Bank and Axis Bank well poised for further gains which can pull the index to fresh highs 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, as mentioned earlier.”
Parekh stated that immediate support for the Nifty 50 index is located at the 26,100 level, while the resistance is at 26,400. The Bank Nifty is expected to have a daily range of 59,300-60,400.
Vaishali Parekh’s intraday stock picks
Regarding stocks to buy today, Vaishali Parekh recommended these three buy-or-sell stocks for intraday trading: Belrise Industries, Diamond Power Infrastructure, and GNA Axles.
1] Belrise Industries: Buy at ₹164, Target ₹174, Stop Loss ₹160;
2] Diamond Power Infrastructure: Buy at ₹141, Target ₹148, Stop Loss ₹137; and
3] GNA Axles: Buy at ₹320, Target ₹335, Stop Loss ₹315.
Key Takeaways
- Vaishali Parekh recommends three stocks for intraday trading: Belrise Industries, Diamond Power Infrastructure, and GNA Axles.
- The Bank Nifty index shows strong upward momentum, with potential targets of 61,400 and 63,500.
- Nifty 50 index has crucial support between 25,750 to 25,800, indicating possible future gains.
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.
