Buy or sell stocks: The key benchmark indices of the Indian stock market extended their upward momentum for the seventh consecutive session on Thursday, September 11, with the Nifty 50 breaching the psychological 25,000 mark, and the Sensex advancing over 100 points, amid favourable global cues and renewed trade optimism. Bullish sentiment was underpinned by expectations of a dovish pivot by the US Federal Reserve, with investors pricing in a potential rate cut at next week’s policy meeting. Additionally, renewed optimism surrounding the possible revival of India-US trade negotiations further buoyed market confidence.
At the close, the Sensex settled at 81,548.73, up 123.58 points or 0.15%, while the Nifty 50 ended at 25,005.50, rising 32.40 points or 0.13%, sustaining its positive trajectory. On the currency front, the Indian Rupee depreciated by 34 paise, closing at 88.44 per US dollar, compared to the previous close of 88.10, amid foreign fund outflows and dollar strength globally. Sectorally, performance was mixed. The Nifty Media index outperformed, rallying 1.02%, followed by Nifty Energy (+0.88%) and Nifty PSU Bank (+0.74%), indicating broad-based buying across high-beta sectors. Infrastructure and metals also saw moderate traction, gaining 0.55% and 0.34%, respectively. Conversely, profit-booking was evident in auto and IT counters, with Nifty Auto retreating 0.33% and Nifty IT extending its decline by 0.5%, reflecting continued pressure on technology names amid global headwinds. The broader market traded in a range with Nifty midcap 100 and Nifty small cap 100 closing flatly.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market bias has improved as the Nifty 50 index has closed above 25,000. Now, it would be important for the 50-stock index to sustain above the 25,000 mark when Dalal Street resumes trading activity on Friday.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index witnessed consolidation in the 24,900–25,000 zone & managed to close above the 25,000 level after forming a higher bottom formation on the daily chart. One can expect a revival in the coming sessions, with the overall bias remaining intact. As mentioned earlier, the index would have the near-term resistance at the 25,200 to 25,250 zone, which needs to be breached decisively to improve the bias further, and thereafter, to retest the 25,650 level to strengthen the trend again. The 50-DEMA level of the 24,800 zone shall remain the major and crucial support for the index, which needs to be sustained now.”
On the outlook of the Bank Nifty today, Parekh said, “The Bank Nifty index, indicating strength, once again witnessed a pullback towards the level of 54,750 and gained momentum to close near the 20-DEMA level of the 54,666 zone, with most of the PSU Banks also supporting the frontline banking stocks, expecting a further rise in the coming sessions. As mentioned earlier, the index would have important near-term support at the 53,500 level, and on the upper side, a decisive breach above the 50-DEMA level of the 55,200 zone would trigger a fresh upward move in the coming days.”
Parekh said that the Nifty 50 index’s immediate support is at 24,850, while the resistance is at 25,200. The Bank Nifty’s daily range would be 54,000-55,300.
Vaishali Parekh’s stock recommendations today
Regarding intraday stocks to buy today, Vaishali Parekh recommended buying these three buy-or-sell stocks: Jain Irrigation Systems, Berger Paints India, and Thirumalai Chemicals.
1] Jain Irrigation Systems: Buy at ₹54, Target ₹60, Stop Loss ₹52;
2] Berger Paints India: Buy at ₹550, Target ₹580, Stop Loss ₹535; and
3] Thirumalai Chemicals: Buy at ₹309, Target ₹330, Stop Loss ₹300.
Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
