Buy or sell stocks: Following weak global market sentiments on the Israel-Iran war, the Indian stock market extended its selling spree for the second straight session on Friday last week. The Nifty 50 index finished 169 points lower at 24,718. The BSE Sensex shed 573 points and closed at 81,118, while the Bank Nifty index ended 555 points downside at 55,527. Trading volumes on the NSE cash market were down by 11% compared to yesterday. BEL, ONGC and Tech Mahindra managed to show some resilience, emerging as major gainers on the Nifty. Conversely, Adani Ports, ITC, and SBI bore the brunt of significant selling pressure, ultimately closing the session as major losers.
Stock market today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market bias has turned cautious after the continuous selling for the two straight sessions. The Prabhudas Lilladher expert said the Nifty 50 has immediate support at 24,500, while the crucial support at 24,000 levels.
On the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index witnessed a huge gap down near the important support area at 24,500 level on the back of rising geo-political tensions and with sentiment maintained with a very cautious approach, one need to wait and watch for further developments with 24,000 zone maintained as the crucial and major support near the 200 period MA which needs to be sustained to maintain the overall trend intact. On the upside, the index needs a decisive breach above the 25,000 level for the bias to improve to anticipate a further rise in the coming days.”
“The Bank Nifty index tanked below the important 55,800 to 56,000 band in the morning session, and with bias weakening, it would need to be sustained above the important 50-EMA zone at the 54,500 level to maintain the overall trend intact. With the index precariously, a decisive move above 56,000 level in the coming sessions can improve the bias and expect further upward movement with the 57,000 zone as the crucial resistance zone,” said Parekh.
Parekh said that support for Nifty today is 24,500, while the resistance is 25,000. The Bank Nifty would have a daily range of 55,000 to 56,200.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended these three buy or sell stocks: ideaForge Technology, ZEEL, and Snowman Logistics.
1] ideaForge Technology: Buy at ₹592, Target ₹650, Stop Loss ₹560;
2] ZEEL: Buy at ₹137, Target ₹145, Stop loss ₹132; and
3] Snowman Logistics: Buy at ₹62, Target ₹66, Stop Loss ₹60.
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.
