Buy or sell indicator: The key benchmark indices of the Indian stock market are expected to remain under pressure as renewed strength in crude oil prices and a sharp rise in global bond yields continue to weigh on investor sentiment. Early indications from GIFT Nifty futures, trading around the 24,200 mark compared with spot Nifty’s previous close of 24,154, point to a largely flat opening for domestic equities.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, is expecting a volatile session as the Gift Nifty live price bounced back after hitting its intraday low and climbed to a new high. For intraday trading, Vaishali Parekh recommended three stocks to buy today — Data Patterns, L&T Finance, and Piramal Pharma.
Stock market today
Speaking on the outlook for the Nifty 50 today, Vaishali Parekh said the 50-stock index has slipped slowly and steadily, with profit-booking seen over the last two weeks. It is currently moving below the 50-EMA at the 24,190 level, weakening the bias and sentiment, and is expected to further slide in the coming sessions.
“The 24,000 zone would be the near-term support for the index, whereas the 23,800 level would be positioned as the major support, which needs to be sustained to maintain the overall trend intact. On the upside, the important 200-period MA at the 24,700 zone would continue to be the resistance hurdle,” said Parekh.
On the outlook for the Bank Nifty today, the Prabhudas Lilladher expert said the key benchmark index continues to remain stagnant, with lacklustre sessions tightly gripped near the 200-period MA at the 57,450 level, with sentiment slightly weakening, and would need to sustain the 50-EMA level of the 57,200 zone to keep the overall bias intact.
“The Bank Nifty index would have the tough resistance hurdle at the 58,600 zone, whereas the important and major support would be positioned near the 100-period MA at the 56,000 level, which needs to be sustained to maintain the trend intact,” said Parekh.
Vaishali Parekh’s stock recommendations for today
As mentioned above, Vaishali Parekh has recommended three stocks to buy today — Data Patterns, L&T Finance, and Piramal Pharma.
1] Data Patterns: buy at ₹4737, Target ₹4950, Stop Loss ₹4660;
2] L&T Finance: Buy at ₹325, Target ₹340, Stop Loss ₹318; and
3] Piramal Pharma: Buy at ₹210.50, Target ₹223, Stop Loss ₹205.
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.
