Buy or sell stocks: The Indian stock market is likely to begin the session on a steady to slightly positive footing, extending momentum after two consecutive days of gains supported by continued strength in banking, financials, energy, pharma, and select IT stocks amid improving sentiment. However, near-term caution persists due to selective profit-taking in richly valued segments and mixed global signals. As a result, the market may remain range-bound in the absence of fresh triggers, with clearer direction expected only from sustained earnings momentum or improved global stability.
Stock market today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market bias has improved as the Nifty 50 index closed above 25,680. Prabhudas Lilladher predicted further upside for Indian indices.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index, after witnessing a weak start to the session, the index gained thereafter to end in the green with bias and sentiment slightly on the improvement, closing above the important 50EMA level at 25680 zone, expecting further gains in the coming sessions.”
The Prabhudas Lilladher expert said the Nifty 50 index would have near-term support from the important 200-period MA at 25300, which needs to be sustained, and, on the upside, would face resistance at 26000, which needs to be breached to establish conviction and clarity.
On the outlook of the Bank Nifty today, Parekh said, ‘The Bank Nifty index has outperformed the Nifty index in the last two sessions, gaining strength and has recorded the highest closing above the 61000 level for the first time, indicating optimism for further rise in the coming sessions.”
Parekh said the Bank Nifty index would have the next near-term strong support zone positioned near the important 50-EMA level at 59,600 level, which needs to be sustained and, on the upside, is ready to retest the previous peak zone of 61,770 levels in the coming days, and a decisive breach above can trigger for further fresh upward move.
Vaishali Parekh stated that immediate support for the Nifty 50 index is located at 25,600, while the resistance level is at 25,900. The Bank Nifty is expected to have a daily range of 60,700 to 61,700.
Vaishali Parekh’s stock recommendations for today
Regarding stocks to buy today, Vaishali Parekh recommended three intraday stocks: IDFC First Bank, GAIL, and Page Industries.
1] IDFC First Bank: Buy at ₹83, Target ₹86, Stop Loss ₹82;
2] GAIL: Buy at ₹165, Target ₹170, Stop Loss ₹162; and
3] Page Industries: Buy at ₹33620, Target ₹34100, Stop Loss ₹33500.
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.
