Buy or sell stocks: Despite escalating tension of the India-Pakistan war post-Operation Sindoor, the Indian stock market ended marginally higher on Wednesday. The Nifty 50 index added 34 points and closed at 24,414, the BSE Sensex finished 105 points higher at 80,746, while the Bank Nifty index ended 339 points higher at 54,610. Among the sectoral indices, Nifty Auto, Consumer Durables, and Realty were major gainers, while Nifty FMCG, Healthcare, and Pharma ended in the red. Auto companies staged a strong rally after the conclusion of the Free Trade Agreement (FTA) with the United Kingdom (UK) and a Double Contribution Convention.
The mid-cap and small-cap segments exhibited a strong rebound following yesterday’s underperformance. The Nifty Midcap 100 Index surged by 1.6%, while the Nifty Small-cap 100 Index gained 1.38%, indicating renewed investor confidence in these broader market segments. Market breadth turned positive, with advancing shares outnumbering declining ones, resulting in a BSE advance-decline ratio of 1.31.
Stock market today
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is cautiously positive as the Nifty 50 index is above the crucial support placed at 24,300. The Prabhudas Lilladher expert said that every dip should be seen as a buying opportunity until the Nifty 50 index is above the 200-DEMA support placed at 24,050.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index after opening on the lower side near 24220 zone recovered significantly and with high volatility witnessed during the intraday session ended marginally on the positive side, amid the border tensions looming around. The index is precariously placed, maintaining the support near the 24300 zone, and sentiment is turning into a very cautious approach; The index would have the crucial support zone near the 200-period MA at 24050 levels, which needs to be sustained.”
“The Bank Nifty index with high fluctuations witnessed, recovered during the last hours of the trading session to close near the 54600 zone, awaiting the FED outcome, once again maintaining above the important support zone of 54500 level. On the upside, as mentioned earlier, the index would need a decisive breach above the 56000 zone to confirm a breakout and expect a fresh round of momentum in the coming days,” said Parekh.
Parekh said that support for Nifty today is placed at 24,200, while the resistance is at 24,600. The Bank Nifty would have the daily range of 54,000 to 55,200.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended these three buy or sell stocks: Zen Tech, Dredging Corporation of India, and Shriram Finance.
1] Zen Tech: Buy at ₹1384, Target ₹1420, Stop Loss ₹1350;
2] Dredging Corporation of India: Buy at ₹569, Target ₹600, Stop Loss ₹550; and
3] Shriram Finance: Buy at ₹637, Target ₹665, Stop Loss ₹622.
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 taking any investment decisions.
