Buy or sell stocks: Following strong global market sentiments on US Fed rate cut optimism and India-US trade deal, the Indian stock market extended its uptrend for the eighth straight session on Friday. The Nifty 50 index regained the psychological 25,000 levels and ended at 25,114. The BSE Sensex finished nearly 82,000, while the Bank Nifty index was 139 points higher at 54,809. The broader market maintained momentum with Nifty Midcap100 and Smallcap100 up 0.3% and 0.6%, respectively.
Sectorally, financial services and metals advanced 1% each, while the IT index posted modest gains, led by Infosys shares, which rose after approving its largest-ever buyback worth ₹18,000 crore. Defence stocks surged, lifting the Nifty India Defence index over 4% on fresh order wins that spurred strong buying interest.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market bias has strengthened as the Nifty 50 index gained further after closing above 25,000 levels. The index is facing a hurdle at 25,300. The first few hours of the Monday session will be crucial. If the 50-stock index breaks above this resistance on a closing basis, we can expect the key index to touch 25,800 levels.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index continues to march ahead with an 8th consecutive winning streak and is slowly gaining strength with bias and sentiment getting better, nearing the important hurdle of 25250-25300 zone. As mentioned earlier, the index would need a decisive breach above the 25300 zone to establish conviction and, thereafter, can trigger a breakout to anticipate a further fresh upward move. The 50EMA level at the 24800 zone would be the near-term important support, which needs to be sustained as of now.”
On the outlook of the Bank Nifty today, Parekh said, “The Bank Nifty index has been witnessing a very slow and sluggish movement, rising with a stagnant pace, but sentiment overall is improving as witnessed in the last few sessions. As we have been mentioning, the index would need a decisive move past the 50EMA at the 55200 zone to overall improve the bias and thereafter, establish conviction anticipating a fresh upward move in the coming days with the 53600 level maintained as the important support zone which needs to be sustained.”
Parekh said that the Nifty 50 index’s immediate support is 25,000, while the resistance is 25,300. The Bank Nifty’s daily range is 54,400 to 55,500.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended these three buy-or-sell stocks: Ujjivan Small Finance Bank, Texmaco Rail & Engineering, and Jupiter Wagons.
1] Ujjivan Small Finance Bank: Buy at ₹46, Target ₹52, Stop Loss ₹44;
2] Texmaco Rail & Engineering: Buy at ₹146, Target ₹453, Stop Loss ₹142; and
3] Jupiter Wagons: Buy at ₹335, Target ₹360, Stop Loss ₹320.
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.
