Buy or sell stocks: On a weekly expiry session on Thursday, the Indian stock market ended lower on profit-booking after a positive opening. The Nifty 50 index ended 100 points lower at 25,111, the BSE Sensex shed 375 points and closed at 82,259, whereas the Bank Nifty index finished 340 points lower at 56,828. Tata Consumers, Tata Steel, and Hindalco showcased significant strength, emerging as the top performers on the Nifty. Conversely, Tech Mahindra, Indusind Bank and Infy concluded the session as major losers. Trading volumes on the NSE cash market were slightly higher by 0.5% compared to yesterday.
The broader market also experienced profit booking, mirroring the benchmark indices. The Nifty Midcap 100 fell by 0.17%, while the Nifty Smallcap 100 declined by 0.12%. Market breadth turned marginally negative, with declining stocks slightly outnumbering advancing ones on the BSE, as indicated by an advance-decline ratio of 0.99. Amongst the sectoral indices, Realty, Metal, and Consumer Durables managed to end up as major gainers, showcasing some resilience. However, the Nifty IT and Banking sectors faced steep declines, contributing to the overall market fall.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is positive. The Nifty 50 index is sustaining above the 50-DEMA support placed at 24,900. The Prabhudas Lilladher expert said the key benchmark index faces an immediate hurdle of 25,250. If it breaks above this resistance, the 50-stock index may soon touch the 25,500 and 25,700 levels.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index once again found resistance near the hurdle of 25,250 level and slipped gradually as the day progressed to end in the red near 25,100 zone with overall trend maintained positive. As mentioned earlier, the important 50-DEMA zone at 24,900 level would be the crucial support zone, which is also where the base of the ascending channel is positioned, which needs to be sustained and on the upside, once a decisive breach above 25,250 zone is confirmed, one can expect for near-term targets of 25,500 and 25,700 levels in the coming days.”
“The Bank Nifty index continues to move within a narrow range for quite some time, once again halting near the 57,300 zone, finding resistance and having the important support near the 56,600 level, would be awaiting the important result outcome of the major frontline banking stocks like HDFC Bank and ICICI Bank, which is due in the coming sessions. The index would need to sustain the important and crucial support positioned near the 56,000 level, below which the overall bias would turn weak,” said Parekh.
Parekh said the Nifty 50 index’s immediate support is at 25,000, while the resistance is at 25,300. The Bank Nifty’s daily range would be 56,400 to 57,300.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended these three buy-or-sell stocks: NMDC, Piramal Enterprises, and INOX Green.
1] NMDC: Buy at ₹69.56, Target ₹74, Stop Loss ₹68;
2] Piramal Enterprises: Buy at ₹1339, Target ₹1390, Stop Loss ₹1315; and
3] INOX Green: Buy at ₹157.85, Target ₹167, Stop Loss ₹154.
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.
