Buy or sell stocks: Amid rising geopolitical tension caused by the Israel-Iran war, the Indian stock market extended its downside trend for the third straight session on Thursday. The Nifty 50 index ended 18 points lower at 24,793, the BSE Sensex finished 82 points lower at 81,361, while the Bank Nifty index corrected 251 points and closed at 55,577. Tata Consumer, Eicher Motors, and M&M emerged as top performers on the Nifty. Conversely, Adani Ports, Bajaj Finance, and Shriram Finance concluded the session as major losers of Nifty. Trading volumes on the NSE cash market were lower by 23% compared to average volumes of the last ten days.
Across sectors, the selling pressure was widespread. Barring Nifty Auto, all other sectoral indices ended in the red. Nifty PSU Banks, Media, Realty, Metal, and IT witnessed the most significant declines among them. The Nifty Midcap and Smallcap Indices witnessed considerable selling pressure, with the Nifty Midcap 100 Index plummeting by 1.63%, while the Nifty Smallcap 100 Index plunged by 2%. Market breadth remained weak for the seventh consecutive day, with declining stocks sharply outpacing advancing ones, as indicated by a BSE advance-decline ratio of 0.32, the lowest since 06 May.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market trend is cautious. The Nifty 50 index is sustaining above its immediate support of 24,800. The Prabhudas Lilladher expert said the benchmark index has crucial support at 24,500, whereas the 50-stock index is facing hurdles at 25,200.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index amid the geopolitical tensions has managed to show resilience sustaining near the 24,800 zone for quite some time with very narrow movement witnessed as of now and currently is precariously placed having the crucial and important support zone positioned at 24,500 and at the same time, would need a decisive move above the 25,200 to anticipate for further fresh upward move.”
“The Bank Nifty index witnessed some profit booking from near the 56000 zone and closed near the 55600 level with overall bias maintained with a cautious approach and anticipating fresh developments in the coming sessions, which shall decide the further directional move of the index. The index has been precariously placed and would need a decisive move above the 56000 zone, as mentioned earlier, to turn the bias positive and, at the same time, would need to sustain the near-term support positioned near the 55000 level to maintain the overall trend intact,” said Parekh.
Parekh said the Nifty’s support today is at 24,600, while the resistance is at 25,000. The Bank Nifty’s daily range would be 55,200 to 56,000.
Vaishali Parekh’s intraday stocks for today
Regarding intraday stocks for today, Vaishali Parekh recommended three buy or sell stocks: JSW Energy, Vishal Mega Mart, and Voltas.
1] JSW Energy: Sell at ₹482, Target ₹470, Stop Loss ₹490;
2] Vishal Mega Mart: Buy at ₹126, Target ₹135, Stop Loss ₹120; and
3] Voltas: Sell at ₹1259, Target ₹1240, Stop Loss ₹1270.
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 making any investment decisions.
