Buy or sell stocks: Following mixed global market sentiments and the weekly F&O expiry, the Indian stock market ended marginally lower on Tuesday. The Nifty 50 index rose 57 points and closed at 25,732, while the BSE Sensex shed 250 points and finished at 83,627. However, the Bank Nifty index ended 128 points higher at 59,578.
Sectoral trends were mixed, keeping participants engaged, with IT and metal stocks among the gainers, while real estate and pharmaceutical stocks remained subdued and closed in the red. The mid-cap and small-cap segments experienced selective participation, with small caps showing modest resilience, despite a moderate overall market breadth.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is range-bound, as the Nifty 50 index is trading in the 25,500-25,900 range. The Prabhudas Lilladher expert stated that a bullish or bearish trend can be assumed upon the break of either side of this range. She said the Nifty 50 index has crucial support placed at 25,500. Breaking below this support, the 50-stock index may try to test the 25,100 to 25,000 levels.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index fizzled out after the gap-up opening near the 25,900 zone and with profit booking witnessed slipped to hit the intraday low near the 25,600 level to recover to some extent in the final hours to minimise the losses. The index is precariously placed, having the major and crucial support positioned near the important 200-period MA at the 25,000 zone, as mentioned earlier, and on the upside would need to breach above the important 50-DEMA level at the 25,900 zone to establish conviction and clarity for further development of the market movement.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index witnessed an overall range-bound session with some volatility during the intraday session to end in the green near the 59,600 zone with bias maintained intact as compared to the Nifty 50 index. The index has been sustaining above the important near-term support and 50-DEMA level at the 58,900 zone to maintain the overall bias positive and on the upside, as said earlier, would need a decisive close above the 60,000 zone to trigger a fresh upward move in the coming days.”
Parekh stated that immediate support for the Nifty 50 index is located at 25,600, while the resistance level is at 25,900. The Bank Nifty is expected to have a daily range of 59,200 to 60,000.
Vaishali Parekh’s stock recommendations today
Regarding intraday stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: Apollo Hospitals, Shriram Finance, and Tech Mahindra.
1] Apollo Hospitals: Buy at ₹7320, Target ₹7500, Stop Loss ₹7225.
The stock is bouncing back from its support level, and short-term or intraday traders may benefit from this position.
2] Shriram Finance: Buy at ₹972, Target ₹1000, Stop Loss ₹960.
The stock is already in a bull trend, and the technical chart suggests a subsequent round of uptrend.
3] Tech Mahindra: Buy at ₹1610, Target ₹1650, Stop Loss ₹1590.
The stock is in the process of forming a higher bottom, which signals an uptrend in the near term.
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.
