Buy or sell stocks: Global markets enter today’s session on a cautious footing following a sharp overnight sell-off in the US. The S&P 500, Nasdaq, and Dow extended their losing streak as investors booked profits in high-valuation technology and AI stocks. Renewed scepticism around AI capex returns, reports of funding pullbacks in data-centre investments, and a visible rotation toward defensive sectors have reinforced a risk-off tone. Investor sentiment also remains cautious ahead of the release of US consumer price inflation data, with divided views in the market over the future trajectory of monetary policy, prompting participants to stay defensive and avoid aggressive positioning.
Asian markets opened on a weak note, mirroring the subdued tone on Wall Street after several sessions of sustained selling. This pressure is likely to spill over into Indian equities at the open. That said, the selling seen so far does not reflect panic; instead, it appears to be a valuation-led reset following a strong rally, rather than any indication of a structural breakdown.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment has turned weak as the Nifty 50 index fell further and finished around the 25,800 level, which is close to the 50-DEMA support placed at around 25,750. If the 50-stock index breaks below this support, it may attempt to test the 25,500 to 25,400 levels. On the upper side, the key benchmark index is facing a hurdle at 26,000. Breaking above this level on a closing basis would fuel positive conviction among bulls.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index witnessed another day of profit booking, which ended above the 25,800 zone with bias slightly weakened and with near-term support positioned near the 25,750 level; it would need a revival to maintain the bias intact. With the overall bias still maintained at a positive level, we have major support near the 25,700 zone. At the same time, on the upside, a decisive breach above the 26,050 level is necessary to establish conviction and continue with the positive uptrend in the coming days, having the 26,200 level as the next immediate target.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index continued to move within the tight range, resisting near the 59,150 zone, witnessing a sluggish session to end near the 59,000 level with bias maintained intact. As said earlier, a decisive breach above the 59,500 zone is much needed to expect a fresh upward move in the coming days, having the higher target of the 60,000 level, with the crucial near-term support positioned near the 50-DEMA level of 58,300, which needs to be sustained to keep the overall bias intact.”
Parekh stated that immediate support for the Nifty 50 index is located at 26,000. The Bank Nifty is expected to have a daily range of 58,500 to 59,500.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks for intraday trading on Thursday: GNA Axles, Grasim Industries, and ONGC.
1] GNA Axles: Buy at ₹307, Target ₹320, Stop Loss ₹300;
2] Grasim Industries: Buy at ₹2805, Target ₹2850, Stop Loss ₹2770; and
3] ONGC: Buy at ₹232, Target ₹243, Stop Loss ₹228.
