Buy or sell stocks: The Indian stock market finally snapped a six-week losing streak as extreme oversold conditions and supportive global cues lifted investor sentiment. The Nifty 50 and Sensex ended the week with gains of around 1%, though momentum remained muted due to persistent foreign outflows.
Foreign Institutional Investors (FIIs) continued their aggressive selling, offloading nearly ₹10,000 crore in the cash market, while Domestic Institutional Investors (DIIs) absorbed the pressure with strong buying worth ₹19,000 crore. Broader markets staged a recovery across sectors, led by pharma and auto stocks, though FMCG lagged.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment has improved after successive rallies in two straight sessions. However, Prabhudas Lilladhe said the Nifty is facing an immediate hurdle at 24,600. On breaking above this level on a closing basis, the Nifty 50 index may test the 24,800 levels.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index once again witnessed a narrow range-bound session, hovering near the 24,600 zone, with bias still maintained with a cautious approach. It would need to breach above the 24,800 zone on the upside to establish conviction and clarity and anticipate a further rise in the coming sessions. On the downside, as mentioned earlier, the index needs to sustain above the low made near the 24,300 zone as of now to maintain the bias intact.”
On the outlook of the Bank Nifty today, Vaishali Parekh said, “The Bank Nifty index has been witnessing a narrow range-bound movement for quite some time, gripped between the 55,000 and 55,700 zone, desperately waiting for a decisive breakout on either side to get clarity and confirm a directional move in the coming days. With the index precariously placed at the current juncture, as said earlier, a decisive breach below the 54,400 zone shall trigger intensified selling pressure overall weakening the trend, with the next major support positioned near the important 200-period SMA at the 52,700 zone.”
Parekh said that immediate support for the Nifty 50 index is at 24,800. The Bank Nifty would have the daily range of 54,800 to 55,800.
Vaishali Parekh’s intraday stocks for today
Regarding buy-or-sell stocks, Vaishali Parekh recommended these three intraday stocks for today: UNO Minda, JSW Infrastructure, and Aditya Birla Capital.
1] UNO Minda: Buy at ₹1150, Target ₹1200, Stop Loss ₹1130;
2] JSW Infrastructure: Buy at ₹300, Target ₹320, Stop Loss ₹290; and
3] Aditya Birla Capital: Buy at ₹272, Target ₹278, Stop Loss ₹268.
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.
