Buy or sell stocks: Following the sell-off trigger at overbought levels, the Indian stock market ended lower on Tuesday. The Nifty 50 index crashed 346 points and closed at 24,578. The BSE Sensex tanked 1,281 points and closed at 81,148. The Bank Nifty index lost 442 points and closed at 54,940. Media and PSU Banks outperformed among the sectors, while IT and FMCG stocks lagged. Meanwhile, the Midcap and Smallcap segments showed resilience and outperformed key benchmark indices.
Stock market today
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes the Indian stock market bias is cautious to positive. The Prabhudas Lilladher expert said the Nifty 50 index is in the 24,500 to 24,900 range. She said support for the Nifty today is placed at 24,400, while the 50-stock index is facing hurdles at 24,800.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index, after the robust session witnessed some profit booking to cool off from the 24900-zone finding resistance and has arrived near the important support zone of 24,400 to 24,500 band where it can find some consolidation expecting for another round of fresh upward move in the coming days. The index would need to sustain the important level of 24,400 zone to maintain the overall bias intact, failing which there can be extended profit booking activity with 24,000 as the crucial support.”
“The Bank Nifty index, after finding resistance near the 55500 zone, shed its gains to end below the 55,000, with bias remaining intact and having the important support zone of 54,000, which needs to be sustained. On the upside, the index has the crucial hurdle of 56,000, which needs to be breached decisively to trigger a breakout and expect a fresh upward move in the coming days,” said Parekh.
Parekh said that support for Nifty today is placed at 24,400, while the resistance is at 24,800. The Bank Nifty would have the daily range of 54,500 to 55,600.
Vaishali Parekh recommended stocks
Regarding stocks to buy today, Vaishali Parekh recommended these three buy or sell stocks: Dwarikesh Sugar Industries, CDSL, and Thirumalai Chemicals.
1] Dwarikesh Sugar: Buy at ₹42, Target ₹46, Stop Loss ₹40;
2] CDSL: Buy at ₹1324, Target ₹1400, Stop Loss ₹1300; and
3] Thirumalai Chemicals: Buy at ₹258, Target ₹275, Stop Loss ₹248.
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 taking any investment decisions.
