Buy or sell stocks: Following weak global sentiment after renewed fears of a trade war and Trump’s tariffs, the Indian stock market experienced strong selling pressure on Thursday. Among the key benchmark indices, the Nifty 50 index slipped below the 26,000 level and ended at 25,876, logging an intraday loss of nearly 263 points. The BSE Sensex remained under pressure throughout the Thursday session and finished 780 points lower at 84,180. The Bank Nifty index also shed 304 points, closing at 59,686. In the broader market, the small-cap index, the S&P BSE Small-Cap Index, is down by 1.97%, whereas the Mid-cap index is down by over 1.99%.
Selling was across segments, but power and energy, CPSE, Infrastructure, metal, oil and gas, IT, and Infrastructure stocks received the maximum beating during the Thursday sell-off. PSU stocks also came under the bear’s grip during today’s stock market crash.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market bias has turned weak, as the Nifty 50 index closed below the 50-day EMA support. The Prabhudas Lilladher expert said the 50-stock index has broken the crucial support placed at 25,900, and the key benchmark index would now find a strong base at the 100-period MA placed at 25,530.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index plunged with heavy profit booking witnessed as the day progressed to close below the important support zone of the 50-DEMA level at 25,900 zone with bias and sentiment turning weak and is precariously placed with next major support positioned near the significant 100-period MA at 25,530 level. The index with a big bearish candle formation on the daily chart has also slipped below the important trendline zone at the 25,900 level and technically would need to sustain the near-term support of the 25,700 zone of the previous low made recently.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index witnessed profit booking during the session, weakening the bias, but as compared to the Nifty index, has been resilient with minimal loss witnessed and would need to sustain the important support positioned near the 50-DEMA level at 58,800 zone as of now. The upcoming sessions would be crucial, which shall decide the further course of the market, and with the result season started, we can anticipate high volatility in the coming days.”
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 59,200 to 60,200.
Vaishali Parekh’s stock recommendations today
Regarding intraday stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: IDFC First Bank, CG Power, and Data Patterns.
1] IDFC First Bank: Buy at ₹85.50, Target ₹90, Stop Loss ₹83.
On the technical chart pattern, the long-term uptrend of the stock remains intact, and it is poised to initiate a new upward momentum.
2] CG Power: Buy at ₹620, Target ₹645, Stop Loss ₹610.
The stock appears to have bottomed out and is poised for a trend reversal.
3] Data Patterns: Buy at ₹2715, Target ₹2800, Stop Loss ₹2650.
This stock has formed a higher bottom on the technical chart, signalling upside momentum.
Gold, silver rates today
After losing for three straight sessions, the precious bullion has opened with some upside gap in the international market. The COMEX silver price is currently quoted at around $4,480 per ounce, whereas the COMEX silver rate today is quoted at around $76,850 per ounce.
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.
