Buy or sell stocks: Indian stock markets tumbled on Monday after two straight sessions of gains, as investors booked profits amid persistent foreign fund selling. The sentiment also turned cautious ahead of this week’s US Federal Reserve policy decision, prompting a defensive shift in markets.
The 30-share BSE Sensex slumped 609.68 points, or 0.71%, to close at 85,102.69, after plunging as much as 836.78 points (0.97%) to an intraday low of 84,875.59. The NSE Nifty 50 snapped its two-day winning run, falling 225.90 points, or 0.86%, to end at 25,960.55. During the session, it slipped 294.2 points (1.12%) to touch an intraday low of 25,892.25.
The BSE Midcap index slipped 1.73%, while the Smallcap index fell 2.20%, extending the broader market weakness.
Across sectors, losses were steep. The Services index plunged 3.70%, followed by Realty at 3.50%, Capital Goods at 2.83%, Telecommunication at 2.53%, Industrials at 2.21%, Utilities at 2.10%, Metal at 1.96%, and Power at 1.84%.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, stated that Nifty witnessed heavy profit booking with a huge bearish candle to erase the gains witnessed in the last 2 sessions with the broader markets subjected to intensified selling pressure as the day progressed to end the index below the 26000 zone with bias slightly shaken.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “As we have mentioning, the index would have the important near-term support near the significant 50EMA zone at 25750-25800 band, which needs to be sustained to maintain the overall trend intact.”
On the outlook of the Bank Nifty index, Parekh said, “Bank Nifty eroded the gains witnessed in the previous session with heavy profit booking witnessed to end near the 59200-zone having the bias maintained intact with overall consolidation visible having the near-term support at 58800 level. As said earlier, the index would need a decisive breach above the 60100 zone to break out of the range and thereafter, expect for higher targets of 61300 and 63000 levels in the coming days.”
The support for the day is seen at 25800 levels, while the resistance is seen at 26200 levels. BankNifty would have the daily range of 58800-59800 levels.
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: Jindal Stainless, Dolat Algotech, Hindustan Oil Exploration Company (HOEC)
1] Jindal Stainless: Buy at ₹765, Target ₹785, Stop Loss ₹755;
2] Dolat Algotech: Buy at ₹74, Target ₹78, Stop Loss ₹72; and
3] HOEC: Buy at ₹56, Target ₹165, Stop Loss ₹53.
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.
