Buy or sell stocks: Following weak global cues after Trump’s tariff bombshell on Thursday night, the Indian stock market ended lower on Friday. The Nifty 50 index finished southward for the fifth successive week, its prolonged losing streak since the week ending August 25, 2023. This selling was across segments, as the BSE Sensex and the Bank Nifty index witnessed selling pressure in the previous week, while the small-cap and mid-cap indices ended more than 2% lower last week.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market is trading cautiously after the US administration imposed a 25% tariff. The Prabhudas Lilladher expert said the Nifty 50 index is in the 24,500 to 24,950 range. A bullish or bearish trend can be assumed on the breakage of either side of this range.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index failed to move past the 24,800 zone in the morning session and thereafter witnessed a steady slide as the day progressed to end on a weak note near the 25,550 zone with bias and sentiment maintained with a cautious approach. The index has almost arrived near the crucial support zone of 24,500 level, which needs to be sustained to maintain the overall trend intact, failing, which one can expect for further intensified selling pressure from the counters with 24,000 level positioned as the next major support.”
“The Bank Nifty index once again slipped from the important 50-DEMA zone at the 56,100 level, with bias weakening to close near the 55,600 zone, and is precariously placed as of now, with a major support level at risk, which can further weaken the overall trend. For the bias to improve, the index would need to sustain the important 55,400 zone and, on the upside, would need to move past the 56,400 zone decisively and thereafter, anticipate further upward move,” said Parekh.
Parekh said that the immediate support for the Nifty 50 index is at 24,400, while the resistance is at 24,800. The Bank Nifty would have a daily range of 55,200 to 56,200.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy or sell on Monday, Vaishali Parekh recommended these three intraday stocks for today: Ambuja Cements, Bharti Airtel, and Transformers and Rectifiers.
1] Ambuja Cements: Buy at ₹610, Target ₹635, Stop Loss ₹600;
2] Bharti Airtel: Sell at ₹1878, Target ₹1830, Stop Loss ₹1900; and
3] Transformers and Rectifiers: Buy at ₹518, Target ₹550, Stop Loss ₹505.
Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
