Buy or sell stocks: The Indian stock market closed in the red on Wednesday, May 6, 2025, amid the rising tensions between India and Pakistan and weak global cues weighing down investor sentiment. The Nifty 50 index closed 0.33 per cent lower at 24,379.60 points after Tuesday’s stock market session, compared to 24,461.15 points at the previous market close.
The BSE Sensex closed 0.19 per cent lower at 80,641.07 points, compared to 80,796.84 points at the previous market close.
Vaishali Parekh’s stock recommendations today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said the Nifty 50 index is witnessing resistance near the 24,500 zone. The index is precariously placed, and investor sentiment is cautious. Parekh estimates the Nifty 50 Spot index to find support at 24,200 points and face resistance at 24,600 points. The Bank Nifty index will likely move in the 53,700 to 54,800 range.
Vaishali Parekh recommended three buy-or-sell stocks for Wednesday: Hindustan Unilever Ltd, DLF Ltd, and IDFC First Bank Ltd.
Stock Market Today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty, witnessing resistance near 24,500 zone, slipped to some extent in the morning session, thereafter to trade within a very narrow range maintaining the support near 24,350 zone for the remaining part of the session.”
“With the tensions in the border going on, the index is precariously placed with sentiment turning into a cautious mode as of now awaiting further developments. The index would have the crucial important support zone near the 200-period MA at 24,050 levels which needs to be sustained,” said the stock market expert.
“Bank Nifty, succumbed to profit booking and witnessed a gradual slide to end near the 54,300 zone losing more than 600 points having the crucial support zone near the 52,500 zone of the upper band of the descending channel on the daily chart. On the upside, as mentioned earlier, the index would need a decisive breach above 56,000 zone to confirm a breakout and thereafter, expect for fresh round of momentum in the coming days,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 24,200 points and resistance at 24,600 points. The Bank Nifty index would have a daily range of 53,700 to 54,800.
Buy or sell stocks by Vaishali Parekh
1. Hindustan Unilever Ltd: Buy at ₹2,378; Target Price at ₹2,500; Stop Loss at ₹2,328.
2. DLF Ltd. (DLF): Sell at ₹676, Target Price at ₹660; Stop Loss at ₹683.
3. IDFC First Bank Ltd. (IDFCFIRSTB): Sell at ₹66; Target Price at ₹62; Stop Loss at ₹68.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
