Buy or sell stocks: Extending the ongoing consolidation phase, the Indian stock market witnessed a volatile session and ended marginally lower on Wednesday. After a flat start, the Nifty 50 index drifted gradually lower in early trade and then remained range-bound for most of the session. A late rebound in the last half hour helped trim losses, and the index eventually settled at 25,986. The BSE Sensex went off 31 points and closed at 85,106, while the Bank Nifty index finished 74 points higher at 59,348.
Sectorally, most indices traded under pressure, with the auto, energy, and FMCG sectors leading the decline. However, resilience in IT and a recovery in private banks helped limit the downside. The broader markets were comparatively weaker, with the mid-cap and small-cap indices declining by 0.71%–0.91%.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market bias has turned cautious as the Nifty 50 index approached 25,900 during the Wednesday session. However, the crucial support at the 25,800 to 25,750 band remains sustained. If support remains intact, the 50-stock index may bounce back and attempt to regain the 26,000 and 26,300 levels. Upon breaking below 25,750, the key index may try to test the 25,500 levels.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index witnessed a slightly volatile session, taking support near the 25,900 zone during the intraday session with bias slightly maintained with a cautiously positive approach and has the important near-term support near the 25,770-25,800 band, which needs to be sustained to maintain the positive bias intact. As mentioned earlier, once stability is established near the 25,800 zone, we can expect further revival to carry on with the positive trend further ahead.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index, after witnessing a weak opening session, has bounced back quite significantly in the final hours with frontline banking stocks like HDFC Bank, ICICI Bank, and Axis Bank picking up to pull the index to close in the green near the 59,350 zone with sentiment slightly eased out. As mentioned earlier, the index would have the near-term support positioned near the 58700 zone, which needs to be sustained. With the pullback expected to continue further, we can anticipate a further rise in the coming sessions with the 60,100 zone acting as the resistance level.”
Parekh stated that immediate support for the Nifty 50 index is located at 25,800, while the resistance level is at 26,200. The Bank Nifty index is expected to have a daily range of 59,000 to 60,000.
Vaishali Parekh’s intraday picks
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks for intraday trading: Chalet Hotels, Biocon, and KPI Green Energy.
1] Chalet Hotels: Buy at ₹911, Target ₹950, Stop Loss ₹890;
2] Biocon: Buy at ₹410, Target ₹432, Stop Loss ₹400; and
3] KPI Green Energy: Buy at ₹446.50, Target ₹470, Stop Loss ₹435.
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.
