Buy or sell stocks: The Indian stock market is expected to begin Wednesday’s session with a mildly positive yet cautious bias, supported by steady global cues and resilient domestic fundamentals, while holiday-thinned volumes help contain volatility. With most global markets operating amid holiday-thinned liquidity ahead of Christmas, participation is likely to remain selective, favouring consolidation rather than aggressive directional moves. Risk sentiment remains stable, reflected in subdued volatility levels, indicating that the market is in a pause phase rather than a distribution phase.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market bias is rangebound, as the Nifty 50 index is trading within a broad range of 25,800 to 26,200. The key index is facing a hurdle at 26,200. Breaking above this resistance, the 50-stock index may soon touch 26,450.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index, after the three consecutive strong sessions, takes a breather near the 26,200 zone and remains rangebound within a narrow band for the entire session to close on a flat note with bias and sentiment maintained intact with an optimistic approach. As mentioned earlier in our report, the index would have the crucial support near the 50-DEMA level at the 25,800 zone, and on the upside, the near-term target expected is around the long-term trendline zone at the 25,450 level.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index witnessed a sluggish, lacklustre session with a narrow rangebound movement to end on a flat note near the 59,300 zone. The index overall is having a consolidation period with the support maintained strong near the 58,700 zone, and on the upside, a decisive breach above the 59,800 level is necessary to establish conviction and trigger a fresh upward move in the coming days, having targets of 61,300 and 62,700 levels expected.”
Parekh stated that immediate support for the Nifty 50 index is located at 26,050, while the resistance level is at 26,300. The Bank Nifty is expected to have a daily range of 59,000 to 59,800.
Vaishali Parekh’s stock recommendations for today
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks for intraday trading: Nykaa, JBM Auto, and Balmer Lawrie.
1] Nykaa: Buy at ₹256, Target ₹265, Stop Loss ₹248;
2] JBM Auto: Buy at ₹250, Target ₹270, Stop Loss ₹240;
3] Balmer Lawrie: Buy at ₹180, Target ₹190, Stop Loss ₹176.
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.
