Buy or sell stocks: The key benchmark indices of the Indian stock market commenced the month of December on a positive trajectory, bolstered by robust economic growth and favourable global indicators. The benchmark indices scaled to record highs but, in the absence of sustained buying interest, gradually corrected, eroding their initial gains and eventually sending them into negative territory.
Amidst a modest stability at lower levels, the Nifty 50 index concluded the session on a subdued note, slightly below 26,200. The BSE Sensex went off 64 points and closed at 85,641, while the Bank Nifty index lost 71 points and closed at 59,681. In the broad market, the small-cap index finished marginally higher, whereas the mid-cap index ended 0.19% lower.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is positive as the Nifty 50 index is sustaining above 26,000 after making a crucial support at the 25,800 to 25,750 band. The key index is facing a hurdle at 26,300. On breaking above this resistance on a closing basis, the 50-stock index may soon touch 26,500.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index, once again, after witnessing a positive opening session, found resistance near the 26,300 zone and fizzled out gradually as the day progressed and closed near the 26,200 zone with bias maintained intact having the important support near the 25,750-25,800 band which needs to be sustained. With a revival expected, the index can carry on with the positive move with the 26,000 level positioned as the near-term support and, on the upside, can have fresh targets of 26,500 and 27,200 levels in the coming days.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index, after making a new record high at 60,100 zone in the opening session, witnessed profit booking and eroded the gains to end up near the 59,700 level with the overall trend maintained strong. The index would have the near-term support positioned near the 58,700 zone, and with the undertone going strong, can expect fresh higher targets of 61,400 and 63,500 levels in the coming days, once a revival is established to confirm another round of fresh upward move in the coming days.”
Parekh stated that immediate support for the Nifty 50 index is located at 26,100, while the resistance level is at 26,400. The Bank Nifty is expected to have a daily range of 59,300 to 60,300.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended these three buy-or-sell stocks for intraday trading: NHPC, PB Fintech or Policy Bazaar, and Info Edge (Naukri).
1] NHPC: Buy at ₹77, Target ₹81, Stop Loss ₹75.50;
2] PB Fintech or Policy Bazaar: Buy at ₹1850, Target ₹1950, Stop Loss ₹1820; and
3] Info Edge or Naukri: Buy at ₹1369, Target ₹1430, Stop Loss ₹1369.
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.
