Buy or sell stocks: The key benchmark indices of the Indian stock market extended gains on September 18, with the Nifty comfortably holding above the 25,400 mark supported by firm global cues as The Federal Reserve lowered interest rates by 0.25% on Wednesday for the first time in nine months and sees the need two more rates cuts this year as worries of softening in the labor market, which threatens the economy, outweigh concerns about inflation still running above the central bank’s target. At the close, the Sensex advanced 320.25 points or 0.39% to settle at 83,013.96, while the Nifty 50 climbed 93.35 points or +0.37% to end at 25,423.60, reflecting sustained buying interest across key heavyweights.
Pharma led the charge with a robust 1.5% uptick on the sectoral landscape, followed by the IT index gaining 0.8%, while Private Banks and Metals posted moderate advances of 0.4% and 0.3%, respectively. Conversely, pockets of profit-taking dragged the Energy, Media, and Capital Goods indices lower by around 0.3% each. The Midcap index advanced 0.38%, while the Small-cap index registered a relatively modest gain of 0.29%, indicating sustained broader-market participation.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment has improved as the Nifty 50 index sustained above 25,400 after giving a fresh breakout at 25,300. The 50-stock index may soon touch 25,700. The immediate support for the key benchmark index has now shifted to 25,100 levels.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index opened on a strong note with a gap up near the 25,400 zone and amid some volatility, the lunch session witnessed a last hour recovery to end on an optimistic note above the 25,400 zone with further gains anticipated in the coming days. If the index crosses the 25,500 level, it shall further strengthen the trend, expecting a fresh upward move with conviction, having targets of 25700 and 26,300 levels in the coming days. The 50-DEMA level at 24,900 zone shall be the important support from the current level, which needs to be sustained.”
On the outlook of the Bank Nifty today, Parekh said, “The Bank Nifty index has witnessed slow and steady gains since the last two weeks, cruising ahead and has moved past the important 100-period SMA at 55,700 zone with bias improving. A decisive breach above the 56,000 zone shall trigger a fresh upward move with conviction and clarity. The index would have the important support zone at the 50-DEMA level at 55,180, which needs to be sustained to maintain the overall bias intact.”
Parekh said that the Nifty 50 index’s immediate support is at 25,300, while the resistance is at 25,600. The Bank Nifty index would have a daily range of 55,300 to 56,400.
Vaishali Parekh’s intraday stock recommendations
Regarding intraday stocks to buy today, Vaishali Parekh recommended these three buy-or-sell stocks: Sagility, Max Healthcare Institute, and Lupin.
1] Sagility: Buy at ₹46, Target ₹52, Stop Loss ₹44;
2] Max Healthcare Institute: Buy at ₹1170, Target ₹1230, Stop Loss ₹1150; and
3] Lupin: Buy at ₹2045, Target ₹2100, Stop Loss ₹2020.
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.
