Buy or sell stocks: Following strong global cues, the key benchmark indices of the Indian stock market bounced back strongly on Thursday. The Nifty 50 index shot up 285 points and closed at 24,765, the BSE Sensex surged 899 points and ended at 80,015, and the Bank Nifty index gained 300 points and finished at 59,055.
Among sectors, the Capital Market, Defence, and Metal indices gained over 2%, while intraday profit booking in IT stocks led the IT index to close in the negative territory.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market undertone is cautious to positive. The Prabhudas Lilladher expert believes the Nifty 50 index would need to settle below the 25,300 zone to establish conviction and clarity, paving the way for further upward movement.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said the Nifty 50 index, after witnessing heavy losses in the last 3 sessions, indicated a revival, picking up from the low made near the 24,300 zone to bring some temporary relief and closed in the green near the 24,765 level with overall sentiment maintained with a very cautious approach.
“The index would need to settle down and move past the 25300 zone to establish conviction and clarity to anticipate further upward movement in the coming days. The 24300 zone shall be maintained as the important and crucial support as of now, which needs to be sustained,” said Parekh.
On the outlook of the Bank Nifty today, Parekh said the Bank Nifty index has sustained the low made near the 58400 zone, which is the base of the ascending channel pattern on the daily chart and is a crucial support zone as of now for the index, which needs to be sustained to maintain the overall bias intact.
“The index would need to move past the important 50-EMA level at the 59,900 zone to improve the bias and, thereafter, anticipate a further rise in the coming days, provided there is stability and clarity established. On the downside, the important 200-period MA at the 57500 zone would be the crucial and major support to be watched for in the coming days,” said Vaishali Parekh of Prabhudas Lilladher.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks for intraday trading: Kabra Extrusion Technik, JSW Cement, and Premier Energies.
1] Kabra Extrusion Technik: Buy at ₹252, Target ₹262, Stop Loss ₹248;
2] JSW Cement: Buy at ₹122, Target ₹128, Stop Loss ₹118; and
3] Premier Energies: Buy at ₹722, Target ₹740, Stop Loss ₹710.
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.
