Buy or sell stocks: After rising for three straight sessions, the key benchmark indices of the Indian stock market took a pause and ended lower on Monday. The Nifty 50 index ended 120 points lower at 25,517, the BSE Sensex finished 452 points lower at 83,606, while the Bank Nifty index went off 131 points and closed at 57,312. Leading the charge among the top performers on the Nifty were Trent, BEL, and SBI, showcasing notable resilience against the broader market’s pullback. Conversely, Tata Consumers, Kotak Bank, and Axis Bank ended the session as major losers. On this final day of the June month, trading volumes on the NSE cash market were 3% lower compared to the average of the last ten days, indicating a slight moderation in activity.
The Midcap and the Smallcap Indices bucked the trend, continuing their upward journey for the seventh day. Nifty Midcap 100 gained 0.60% while Nifty Smallcap 100 rose 0.52% to close at its highest levels since 02nd January. Market breadth remained positive for the fifth row, with advancing stocks outpacing declining ones, as indicated by a BSE advance-decline ratio of 1.36.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is positive. However, the Nifty 50 index is facing a hurdle at the 25,650 zone. On breaking this hurdle on a closing basis, we can expect the 50-stock index to touch 26,200 soon. On the lower side, Nifty today has immediate support at 25,500, whereas it has crucial support at the 25,250 to 25,300 range.
Speaking on the outlook for the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index witnessed a halt resisting near the 25,650 zone in the morning session and thereafter witnessed a gradual slide as the day progressed to end near the 25,500 zone with overall bias and sentiment maintained strong expecting for further rise in the coming days. As mentioned earlier, the index would have near-term support near the 25,250-25,300 zone. On the upside, with the strong undertone, the scope for higher targets of 25700 and 26200 levels is achievable, with bias and sentiment better placed.”
“The Bank Nifty index took a breather near the 57600 zone after the strong pick-up witnessed in the previous session and ended the day near the 57300 level with overall positive bias. The index continues to have important support near the 56000 zone, which needs to be sustained, and, on the upside, with the bias improving, can expect fresh targets of 58500 and 60000 levels in the coming days,” said Parekh.
Parekh said the immediate support for Nifty today is at 25400 levels, while the resistance is at 25,700. BankNifty would have a daily range of 57000-57800.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended buying TCS, Zen Tech, and UCO Bank, which are buy-or-sell stocks.
1] TCS: Buy at ₹3463, Target ₹3800, Stop Loss ₹3300;
2] Zen Tech: Buy at ₹1979, Target ₹2060, Stop Loss ₹1900; and
3] UCO Bank: Buy at ₹32, Target ₹36, Stop Loss ₹30.
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.
