Buy or sell stocks: Amid the persistent US-Iran war and renewed volatility in the crude oil price, the Indian stock market witnessed sharp selling for the second straight session on Thursday. The Nifty 50 index ended 227 points lower at 23,639, the BSE Sensex crashed 829 points and closed at 76,034, and the Bank Nifty index nosedived 634 points and closed at 55,100.
Crude oil price in focus
A key trigger for the weakness remains crude oil’s renewed surge above $100 per barrel, which poses a direct challenge for India given its heavy dependence on energy imports. Rising oil prices increase input costs across sectors, raise inflation risks, and often dampen investor confidence in equities.
The impact was visible in sectoral performance, with the Nifty Auto index falling nearly 3% as companies sensitive to fuel and commodity costs came under pressure. Stocks such as Mahindra & Mahindra, Maruti Suzuki and Eicher Motors were among the major laggards, reflecting concerns that higher fuel prices and input costs could weigh on margins and consumer demand.
India VIX today
Volatility indicators also signal continued caution in the market. India VIX remained elevated near the 21 level, suggesting that traders are still pricing in heightened uncertainty and near-term volatility amid evolving geopolitical developments.
Stock market today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladdher, believes the undertone of the Indian stock market has turned weak. The Prabhudas Lilladher expert said the Nifty 50 index would have crucial near-term support at the 23,500 zone, which needs to be sustained; failing which, the 50-stock index may try to test the 22,800 levels.
Speaking on the outlook for the Nifty 50 today, Vaishali Parekh said the Nifty 50 index extended losses, opening down again and breaching the previous low in the 23,700 zone, hitting a fresh low at 23,550, with bias precariously placed in a tense mode.
“The index, as mentioned earlier, would have the near-term crucial support at the 23,500 zone, which needs to be sustained; failing which, the sentiment getting worse may trigger a fresh sell-off with the 22800 zone positioned as the next technical support for the coming days,” said Vaishali Parekh of Prabhudas Lilladher.
On the outlook of the Bank Nifty today, Vaishali Parekh said, “The Bank Nifty breached below the previous low of 55,270 level with bias turning further weak and a threat to the trend awaits, if the index fails to sustain the important support of 53,600 level as mentioned earlier, triggering fresh intensified selling pressure in the coming days.”
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended these three buy-or-sell stocks for intraday trading: Shipping Corporation of India, NALCO, and ABB India.
1] Shipping Corporation of India: Buy at ₹247, Target ₹260, Stop Loss ₹242;
2] NALCO: Buy at ₹405, Target ₹415, Stop Loss ₹400; and
3] ABB India: Buy at ₹6400, Target ₹6550, Stop Loss ₹6350.
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.
