Buy or sell stocks: The key benchmark indices of the Indian stock market extended their losing streak for the third consecutive session, ending the week with a cumulative loss of over 1.5% as investor sentiment remained risk-averse amid ongoing concerns around the broader implications of recently imposed US tariffs. The Nifty 50 index opened flat and traded in a narrow band through the session. However, a sharp sell-off in the final hour of trade dragged the index lower, closing near the day’s low at 24,426.85 — down 74 points or 0.3%. On the currency front, the Indian rupee continued its downward trajectory, hitting a fresh all-time low of 88.31 against the US dollar. It settled marginally higher at 88.20 versus the previous close of 87.63.
Sectorally, profit-booking was evident in metals, IT, realty, and auto, which shed between 0.5% and 1.5%. In contrast, pockets of strength were seen in Capital Goods, Consumer Durables, Media, and FMCG, which posted gains in the 0.4% to 1% range. Broader markets underperformed, with the Nifty Midcap 100 and Nifty Small Cap 100 indices declining by 0.57% and 0.39%, respectively.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes Indian stock market sentiment has weakened as the Nifty 50 index ended below 24,500. The key benchmark index now has immediate support at the 200-DEMA of 24,000.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index amid the weak sentiment slipped below the important 24,500 zone with bias getting weaker day by day extending the losses and currently with the Head and Shoulder formation on the daily chart has got the neckline near the 24,300 level, which shall be a crucial zone that would decide the further course of the market in the coming days. As mentioned earlier, the index would have the next major support near the significant 200-period SMA at the 24,000 zone, which needs to be sustained, and, on the upside, only a major move above the 50-DEMA level at the 24,800 zone shall improve the bias from the current rate.”
On the outlook of the Bank Nifty today, Parekh said, “The Bank Nifty index ended on the lower end with a weak bias, failing to find a revival, and is precariously placed. It has got the next major support near the significant 200-period SMA at 52,900, which needs to be sustained to maintain the overall trend intact. On the upside, a decisive move past the 55,000 zone is necessary to indicate a recovery and ease out the sentiment.”
Parekh said that the immediate support for the Nifty 50 index is at 24,300, while the resistance is at 24,600. The Bank Nifty would have a daily range of 53,200 to 54,200.
Vaishali Parekh’s intraday stocks for today
Regarding intraday stocks to buy today, Vaishali Parekh recommended these three buy-or-sell stocks: CCL Products (India), Jamna Auto, and Marico.
1] CCL Products: Buy at ₹262.80, Target ₹277, Stop Loss ₹256;
2] Jamna Auto: Buy at ₹103.75, Target ₹110, Stop Loss ₹101; and
3] Marico: Buy at ₹725.85, Target ₹757, Stop Loss ₹710.
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.
