Buy or sell indicator: Indian equities are set for a firm start on Wednesday, with GIFT Nifty signalling a higher opening after the benchmark indices delivered their strongest close since the introduction of the Closing Auction Session (CAS). The improvement in technical momentum is being reinforced by a more supportive global backdrop, led by easing crude oil prices and a resilient US stock market, providing investors with a stronger foundation than in recent weeks.
Gift Nifty live chart signals a big gap-up start
The Gift Nifty live chart is trading more than 200 points higher than Tuesday’s spot Nifty 50 close of 24,334. The index is trading more than 50 points above its previous close as well.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market may open with a big gap-up, as the index is trading more than 200 points above yesterday’s Nifty 50 close. She said the index is trading above its previous close, which augurs well for bulls during the Opening Bell today.
Stock market today
Speaking on the outlook for the Nifty 50 today, Vaishali Parekh said, the 50-stock index has almost indicated a bullish engulfing pattern on the daily chart, sustaining above the important 50-EMA at the 24,200 zone to improve the bias and can expect further rise in the coming days with the bias maintained with an optimistic approach.
“The Nifty 50 index would have the important resistance hurdle of the 24,400 zone, which needs to be breached decisively to establish further conviction, whereas the 24,000 level shall be the near-term important support, which needs to be sustained to maintain the overall outlook intact,” said Parekh.
On the outlook for the Bank Nifty today, Parekh said, the key benchmark index continues to remain stagnant, hovering near the important 200-period MA at the 57,450 zone for quite some time and has been sustaining above the 50-EMA at the 57,200 level, maintaining the bias intact with consolidation visible on the daily chart.
“The Bank Nifty index would need a decisive breakthrough above the tough resistance hurdle of the 58,500 zone to establish conviction, 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
Regarding buy-or-sell stocks for today, Vaishali Parekh recommended three stocks to buy today: Astral, Sai Life Sciences, and ICICI Bank.
1] Astral: Buy at ₹1530, Target ₹1560, Stop Loss ₹1515;
2] Sai Life Sciences: Buy at ₹1440, Target ₹1480, Stop Loss ₹1420; and
3] ICICI Bank: Buy at ₹1418, Target ₹1445, Stop Loss ₹1400.
Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions.
