Buy or sell stocks: The Indian stock market traded cautiously positive on Monday, with benchmark indices opening higher after the announcement of an interim framework for the India–US trade deal. Supportive cues from broader Asian markets also helped sustain the positive momentum through the session. However, despite the early uptick, participation remained selective, as investors refrained from aggressive positioning ahead of key global and domestic macro cues.
Sectoral action remained positive, with buying interest in PSU banks, consumer durables, realty, defence, pharma and auto stocks, while IT stocks showed mixed trends amid ongoing assessment of global technology developments. Overall, the market appears to be in a phase of gradual recovery and consolidation, with the near-term direction likely to be driven by global macro developments, currency movements and the sustainability of risk-on sentiment reflected in foreign fund flows.
Stock market today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is positive, and an optimistic approach may fuel the Nifty 50 index towards its peak zone of 26,350. The Prabhudas Lilladher expert said the Nifty 50 index is facing a hurdle in the 25,800-25,850 zone.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index witnessed a gap-up opening near the 25,900 zone and remained rangebound with bias maintained strong, with active participation witnessed from the broader markets to support the benchmark index and anticipating a further rise in the coming days. The index would have the near-term support near the 100-period MA at the 25,500 zone, and on the upside, with overall bias and trend maintained with an optimistic approach, can retest the previous peak zone near the 26350 levels in the coming days.”
On the outlook of the Bank Nifty today, Parekh said, “The Bank Nifty index opened on a strong note near the 60800 zone with SBI leading from the front and PSU Banks also showing active participation to improve the overall sentiment, expecting further gains in the coming days. On the downside, the index would have the important near-term support at the 59,500 zone, which needs to be sustained, and, on the upside, can retest the recent peak zone near 61800 levels with most of the frontline banking stocks poised for further gains.”
Parekh stated that immediate support for the Nifty 50 index is located at 25,700, while the resistance level is at 26,100. The Bank Nifty is expected to have a daily range of 60,000 to 61,400.
Vaishali Parekh’s stock recommendations for today
Regarding stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for intraday trading: PI Industries, Samvardhana Motherson, and Cipla.
1] PI Industries: Buy at ₹3214, Target ₹3500, Stop Loss ₹3100;
2] Samvardhana Motherson: Buy at ₹122, Target ₹128, Stop Loss ₹120; and
3] Cipla: Buy at ₹1348, Target ₹1365, Stop Loss ₹1335.
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.
