Buy or sell stocks: US President Donald Trump’s renewed remarks on potential tariff hikes against Indian imports linked to India’s continued purchases of Russian oil added a layer of geopolitical caution to global markets, keeping risk appetite in check during Monday’s session. Additionally, domestic bond yields moved higher after the size of the state government’s borrowing programme exceeded expectations, raising supply-side concerns in the debt market and keeping equity sentiment in check.
The Nifty 50 index finished 78 points lower at 26,250, while the BSE Sensex shed 322 points and closed at 85,439. The Bank Nifty index declined by 106 points and closed at 60,044.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment remains positive as the Nifty 50 index is sustaining above 26,200 levels. The key benchmark index is poised to touch 26,500 in the near term.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index, once again witnessed resistance near the 26,350 zone and amid some volatility slipped down to end near the 26,250 level with bias maintained intact and overall, the optimistic approach is sustained with near near-term target of the 26,500 level expected in the coming sessions. As mentioned earlier, the index would have the important support positioned near the 50EMA level of 25,900 zone with the near-term support positioned near the 26,150 zone, which needs to be sustained to maintain the overall bias intact.”
On the outlook of the Bank Nifty today, Parekh said, “The Bank Nifty index, after opening on a positive note, witnessed resistance near the 60,400 level and, with some profit booking visible, slipped down to end the session near the 60,000 zone with bias and sentiment maintained positive. As mentioned earlier, the index shall have the important support positioned near the 50-DEMA level at 58,700 zone, which needs to be sustained and as of now, once the near-term support at around 59,500 level is sustained, we can expect further continuation of the upward move.”
Parekh stated that immediate support for the Nifty 50 index is located at 26,150, while the resistance level is at 26,400. The Bank Nifty is expected to have a daily range of 59,700 to 60,500.
Vaishali Parekh’s stock recommendations for today
Regarding intraday stocks for today, Vaishali Parekh recommended three buy-or-sell stocks: Delhivery, Religare Enterprises, and DLF.
1] Delhivery: Buy at ₹411, Target ₹420, Stop Loss ₹405.
The stock is poised for an uptrend after remaining in base-building mode for some time.
2] Religare Enterprises: Buy at ₹258, Target ₹270, Stop Loss ₹254.
The stock is on the cusp of forming a higher bottom on the technical chart, signalling potential for a sharp upside movement in the near term.
3] DLF: Buy at ₹712, Target ₹725, Stop Loss ₹705.
On the technical chart pattern, the stock is signalling bottoming out symptoms at the ₹700 levels.
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.
