Buy or sell stocks: The Indian stock market ended the week on a buoyant note, with the Nifty 50 index snapping a four-session losing streak to close at 25,966, decisively reclaiming the crucial 25,900 zone. The rebound was driven by broad-based buying across sectors, supported by a sharp recovery in the Indian rupee from its record lows against the US Dollar (USD) and a return of foreign portfolio investors, who turned net buyers over the past two sessions.
While strong domestic liquidity continues to act as an effective buffer against deeper downside risks, lending resilience to the market structure, the re-emergence of foreign fund inflows is increasingly being viewed as a potential catalyst for the market’s next leg higher, improving overall risk appetite.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market mood has improved as the Nifty 50 index bounced back strongly from the 50-DEMA support placed at 25,750. The 50-stock index is facing a hurdle at the 26,000-26,050 band. Breaking above this resistance on a closing basis would strengthen the bull’s conviction.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index continues to gain strength, sustaining above the important 50-DEMA level, which is positioned near the 25,750 zone, maintained as the strong near-term support, and currently closing near the 25,960 level has further improved bias and sentiment overall. With the broader markets supporting the benchmark index, on the upside, Nifty needs to breach above the important hurdle of the 26,050-26,200 zone, which shall establish further stability and conviction for further upward movement in the coming days.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index witnessed a range-bound session with the 59,000 zone sustained and closed in the green with a 156-point gain, indicating some hopes. The index has got the important 50-DEMA at the 58,351 level, which would be the next near-term support zone, and, on the upside, a decisive breach above the 59,500 level would improve the bias; thereafter, expect further rise.”
Parekh stated that immediate support for the Nifty 50 index is located at 25,800, while the resistance level is at 26,100. The Bank Nifty is expected to have a daily range of 58,500 to 59,500.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks for intraday trading: Syrma SGS Technology, Belrise Industries, and Torrent Power.
1] Syrma SGS Technology: Buy at ₹730, Target ₹758, Stop Loss ₹714;
2] Belrise Industries: Buy at ₹162.30, Target ₹172, Stop Loss ₹158; and
3] Torrent Power: Buy at ₹1279, Target ₹1335, Stop Loss ₹1255.
Key Takeaways
- The Nifty 50 index shows resilience, rebounding from key support levels.
- Foreign portfolio investors are returning, indicating a potential market shift.
- Specific stocks like Syrma SGS Technology, Belrise Industries, and Torrent Power are recommended for intraday trading.
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.
