Buy or sell stocks: Propelled by strong buying at lower levels, the key benchmark indices of the Indian stock market ended higher on Wednesday. The Nifty 50 index finished marginally higher at 25,212, the BSE Sensex added 63 points and closed at 82,634, while the Bank Nifty index ended 162 points higher at 57,168. M&M, Wipro and Tech Mahindra were leading the charge on the upside, showcasing significant strength. Conversely, Shirram Finance, Eternal, and Sun Pharma concluded the session as major losers. Trading volumes on the NSE cash market were lower by 2% compared to yesterday.
After two days of sharp gains, the broader market saw a consolidation period. The Nifty Midcap and Smallcap 100 Indices ended the session flat, digesting their recent upward moves. Despite this, market breadth remained firmly positive, with advancing stocks outnumbering declining ones on the BSE, reflected in a healthy advance-decline ratio of 1.36. Amongst the sectoral indices, PSU Banks, Media and IT ended as major gainers while Metal, Healthcare and Pharma sectors ended in the red.
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 sustained above the 50-DEMA support placed at 24,900. The Prabhudas Lilladher expert said the key benchmark index is expected to touch 25,500 and 25,700 soon.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index after taking support near the 25000 zone has improved the bias indicating a higher bottom formation pattern on the daily chart to improve the bias and currently has sustained with a decent recovery to end on a marginal gain after a weak start to the session. The index would have the near-term hurdle at 25,250 levels, which, when breached above, shall aim for the targets of 25,500 and 25,700 levels as mentioned earlier. The important 50-DEMA zone at the 24,900 level would remain the crucial support area, which needs to be sustained as of now, with volatility expected to continue in the coming sessions.”
“The Bank Nifty index continues to rise gradually after sustaining the important near-term support at the 56,600 level, and we expect a further move till the 57,000 zone. The index would continue to have the important support near the 56,000 level. On the upside, a decisive breach above the resistance zone of the 57,600 level is necessary to trigger further higher targets of 58,500 and 60,000 levels in the coming days,” said Parekh.
Parekh said that Nifty’s immediate support today is at 25,100, while resistance is at 25,400. The Bank Nifty will have a daily range of 56,700 to 57,700.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three buy-or-sell stocks: Allcargo Gati, CGCL, and Hindustan Copper.
1] Allcargo Gati: Buy at ₹72.40, Target ₹78, Stop Loss ₹70;
2] CGCL: Buy at ₹180, Target ₹190, Stop Loss ₹175; and
3] Hindustan Copper: Buy at ₹263, Target ₹280, Stop Loss ₹255.
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage companies and not of Mint. We advise investors to check with certified experts before making any investment decisions.
