Buy or sell stocks: Indian stock market benchmarks witnessed sharp declines on Friday, August 22, as profit booking swept across sectors amid mixed global signals.
The Sensex tumbled over 700 points, nearly 1 per cent, to touch an intraday low of 81,291.77, while the Nifty 50 slipped almost 1 per cent to reach 24,859.15 at its lowest point of the day. By the close, the Sensex ended 694 points, or 0.85 per cent, down at 81,306.85, and the Nifty 50 finished 214 points, or 0.85 per cent, lower at 24,870.10.
Meanwhile, the broader markets fared relatively better, with the BSE Midcap and Smallcap indices declining 0.23 per cent and 0.35 per cent, respectively.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes that the Nifty witnessed heavy profit booking on the intraday session on Friday. The Prabhudas Lilladher expert said the index formed a bearish candle on the daily chart with a lower top formation to signify bias turning weak and can expect for downward movement in the coming sessions.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The index would have the important 50EMA level near the 24850-zone and as mentioned earlier, has got the crucial and important support near the 24500 zone which needs to be sustained to maintain the overall trend intact. On the upside, a decisive breach above the 25000 zone shall change the sentiment once again, thereafter, expecting for further upward move.”
On the outlook of the Bank Nifty today, Parekh said, “ Bank Nifty finally plunged from the 56000 level, with bias getting weaker as the day progressed to end near the 55100-zone nearing the crucial support of 55000 level. The overall sentiment has once again turned cautious with many developments in the pipeline which shall decide the course of the market in the coming days. The index is precariously placed and with a decisive breach below the 55000 zone shall trigger for fresh downward movement with the trend turning weak.”
Parekh said that the support for the day is seen at 24700 levels, while the resistance is seen at 25000 levels. Bank Nifty would have the daily range of 54700-55700 levels.
Vaishali Parekh’s stock recommendations today
Regarding intraday stocks to buy today, Vaishali Parekh recommended these three buy-or-sell stocks: ICICI Bank, Coforge, and Sula Vineyards.
1] ICICI Bank: Buy at ₹1447, Target ₹1470, Stop Loss ₹1430;
2] Coforge: Buy at ₹1720, Target ₹1800, Stop Loss ₹1690; and
3] Sula Vineyards: Buy at ₹255, Target ₹280, Stop Loss ₹245.
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.
