Buy or sell stocks: The key indices of the Indian stock market ended the September 30 session essentially unchanged, after a volatile and choppy trade driven by monthly F&O expiry. At the close, the Sensex slipped 97.32 points, or 0.12%, to 80,267.62, while the Nifty 50 fell 23.80 points, or 0.10%, to 24,611.10. Persistent selling by foreign investors has weighed on sentiment, extending the market’s losing streak to eight sessions.
Traders remain cautious ahead of the RBI policy outcome tomorrow, where the MPC is widely expected to leave rates unchanged. The absence of fresh positive triggers continues to cap any meaningful recovery. The midcap index ended flat, while the small-cap index also finished nearly unchanged. Across sectors, PSU Banks, Metals, and Auto gained between 0.4% and 2%, whereas the Media index declined by over 1%, with the Nifty Realty also slipping by around 1%.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market mood is cautious, as the Nifty 50 index is confined to a narrow range of 24,700 to 24,600. The 50-stock has formed a crucial base at 24,500 to 24,450, which needs to remain intact. In the event of a break in this essential support, the key benchmark index may attempt to test the 24,200-24,150 range. On the upper side, the key index is facing a hurdle at the 24,800 to 24,850 range.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index, once again, witnessed a sluggish session on the expiry day with a rangebound movement gripped between the 24,700 and 24,600 zone for the entire session to end almost on a flat note. With the bias overall maintained with a cautious approach, the index is precariously placed, having the crucial and major support positioned near the 24,450-24,500 zone, as mentioned earlier, and on the upside, would desperately need a decisive breach above the 24,900 zone to expect further upside movement in the coming days.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index, after opening on a positive note, remained almost stagnant with narrow range movement to close in the green near the 54,600 zone with bias precariously placed, anxiously anticipating a pullback in the coming sessions. As said earlier, with the major support zone lying near the 53,600 level of the previous bottom made, the index would need to breach above the 50-EMA level at the 55,100 zone and thereafter, the neckline of the Inverted Head and Shoulder at the 55,500 level to establish conviction and expect further rise in the coming days.”
Parekh stated that immediate support for the Nifty 50 index is located at 24,500, while the resistance level is at 24,800. The Bank Nifty is expected to have a daily range of 54,200-55,400.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: Adani Ports, Petronet LNG, and NALCO.
1] Adani Ports: Buy at ₹1400, Target ₹1440, Stop Loss ₹1380;
2] Petronet LNG: Buy at ₹278, Target ₹286, Stop Loss ₹273; and
3] NALCO: Buy at ₹212, Target ₹220, Stop Loss ₹209.
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.
