Buy or sell stocks: The key benchmark indices of the Indian stock market ended on a firm footing on October 15, with the Nifty closing above the 25,300 mark. The market staged a rebound after two sessions of decline, aided by dovish remarks from the Fed Chair on interest rates and indications of a possible pause in quantitative tightening, which buoyed global risk sentiment. At the close, the Sensex rose 575.45 points, or 0.70%, to 82,605.43, while the Nifty 50 gained 178.05 points, or 0.71%, to settle at 25,323.55.
Barring the Media index, all sectoral indices finished in the green, led by a robust 3% rally in Realty stocks. Power, Consumer Durables, PSU Bank, Metal, and Telecom indices advanced between 1% and 2%, signalling broad-based buying interest. On the broader market front, the Midcap index climbed 1.11%, while the Small cap index gained 0.82%, underscoring continued strength across the secondary space.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment has improved as the Nifty 50 index bounced back strongly and closed above the crucial hurdle placed at 25,300. The Prabhudas Lilladher expert said the 50-stock index is now heading for the 25,700 levels. On the downside, the key benchmark index has support at the 25,000 level.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index gained strength once again after the weak session to close above the important hurdle at the 25,300 zone to ease out the sentiment with improving bias and establish conviction for further upward movement in the coming days. The index maintained with an optimistic approach can expect the next target of 25,700 level with 25,000 zone positioned as the important support as of now, which needs to be sustained to carry on with the positive move further ahead.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index witnessed a decent pullback to improve the bias closing near the 56,800 zone and gradually is picking up, aiming to retest the previous peak zone at the 57,630 level with ICICI Bank and SBI technically looking good to gain further in the coming days. The index, as mentioned earlier, would have the next target expected near the 57,700 level with the neckline of the Inverted Head & Shoulder at the 55,500 zone and the 50-DEMA level maintained as the important support as of now, which needs to be sustained.”
Parekh stated that immediate support for the Nifty 50 index is located at 25,200, while the resistance is positioned at 25,500. The Bank Nifty is expected to have a daily range of 56,400 to 57,400.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: RCF, Indian Hotels Company, and Greaves Cotton.
1] RCF: Buy at ₹146, Target ₹155, Stop Loss ₹141;
2] Indian Hotels Company: Buy at ₹727, Target ₹750, Stop Loss ₹705; and
3] Greaves Cotton: Buy at ₹205, Target ₹220, Stop Loss ₹200.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
