Buy or sell stocks: The key benchmark indices of the Indian stock market edged lower on the weekly expiry day, losing over half a percent and extending the ongoing consolidation phase. After a soft start, the Nifty 50 index drifted gradually through the session and settled near the day’s low at 26,032, marking a decline of around 0.43% from the previous close of 26,176. The BSE Sensex shed 503 points and closed at 85,138, while the Bank Nifty index lost 407 points and closed at 59,273.
Sectorally, most indices moved in line with the benchmark, with banking, financials, and metals among the top losers. The broader market tone also remained subdued, as both mid-cap and small-cap indices ended in the red.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment remains cautious to positive until the Nifty 50 index sustains above 25,800. The key benchmark index is facing a hurdle at 26,300. This means the Nifty 50 index is in a broader range of 25,800 to 26,300. A bullish or a bearish trend can be assumed on the breakage of either side of this range.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index witnessed heavy profit booking as the day progressed to extend the losses and closed near the 26,000 zone with bias slightly maintained with a cautious approach as of now with 26,300 level now acting as the resistance zone with 25,800 level positioned as the near-term support which needs to be sustained to maintain the overall trend intact. Once stability is established near the 25,800 zone, we can expect further upward moves to carry on with the positive trend further ahead.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index, after peaking out near the 60,100 level, has witnessed profit booking to erase the gains and has dragged down to close near the 59,300 level with a bias, a little bit turning cautious, expecting an extended slide in the coming sessions. As mentioned earlier, the index would have the near-term support positioned near the 58,700 zone, which needs to be sustained. Once a revival is established, we can expect further upward movement in the coming days.”
Parekh stated that immediate support for the Nifty 50 index is located at 25,900, while the resistance level is at 26,200. The Bank Nifty index is expected to have a daily range of 58,800 to 59,800.
Vaishali Parekh’s intraday picks
Regarding stocks to buy today, Vaishali Parekh recommended these three buy-or-sell stocks for intraday trading: Samvardhana Motherson, Minda Corp, and Alembic.
1] Samvardhana Motherson: Buy at ₹119.25, Target ₹127, Stop Loss ₹117;
2] Minda Corp: Buy at ₹600.90, Target ₹628, Stop Loss ₹587; and
3] Alembic: Buy at ₹102.30, Target ₹108, Stop Loss ₹100.
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.
