Buy or sell stocks: The key benchmark indices of the Indian stock market ended lower on September 22, with the Nifty holding marginally above the 25,200 mark. IT stocks slumped on news of President Trump’s $100,000 H-1B visa fee but pared losses after a subsequent clarification, while the GST rollout and sustained buying in Adani Group counters aided an intraday pullback.
At the close, the Sensex fell 466.26 points, or 0.56%, to 82,159.97, and the Nifty slipped 124.70 points, or 0.49%, to 25,202.35. Broader markets remained under pressure, with the midcap index losing over 0.5% and the small-cap index sliding more than 1%. Sector-wise, IT led the decline with a 2.95% drop, followed by a 1.4 % fall in pharma, whereas the Energy index gained by 0.69%, followed by Metals and Media gaining by a little over 0.4%, respectively.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market’s positive bias is intact as the Nifty 50 index is sustaining above the crucial 25,150 support. However, Prabhudas Lilladher suggested a cautious approach for intraday trading as the key benchmark index closed near the 25,200 levels.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index, which witnessed another day of profit booking post the lunch session, which ended near the 25,200 zone with bias slightly weakened and with near-term support positioned near the 25,150 level, would need a revival to maintain the bias intact. With the overall bias still maintained positive, we have the major support near the 50EMA level at the 24,900 zone. In contrast, on the upside, a decisive breach above the 25,500 level is necessary to establish conviction and continue with the positive uptrend in the coming days, with the 25,700 level as the next immediate target.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index slipped for the second consecutive session, forming the lower top pattern on the daily chart, almost to retest the important 50-DEMA zone with bias slightly shaken and would need to hold the 55,000 zone to sustain the positive bias intact. As mentioned earlier, the index would need a decisive breach above the 56,000 zone, which shall trigger a fresh upward move in the coming days to retest the previous peak zone of 57,628 levels, having the 54,800-55,000 band as the important support from the current level.”
Parekh said that the Nifty 50 index’s immediate support is at 25,100, while the resistance is at 25,400. The Bank Nifty’s daily range would be 54,800-55,800.
Vaishali Parekh’s intraday stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: Hindustan Copper, Muthoot Finance, and Ambuja Cements.
1] Hindustan Coppe: Buy at ₹295, Target ₹310, Stop Loss ₹288;
2] Muthoot Finance: Buy at ₹3030, Target ₹3130, Stop Loss ₹2980; and
3] Ambuja Cements: Buy at ₹585, Target ₹610, Stop Loss ₹575.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
