Buy or sell stocks: Without any big trigger, the Indian stock market remained rangebound throughout the Tuesday session. The Nifty 50 index ended 24 points higher at 25,541, the BSE Sensex finished 90 points higher at 83,697, while the Bank Nifty index gained 146 points and closed at 57,459. Leading the charge among the top performers on the Nifty were Apollo Hospital, BEL, and Reliance, showcasing individual stock strength. Conversely, Nestle, Axis Bank, and Shriram Finance ended the session as major losers. Trading volumes on the NSE cash market were down by 7% compared to yesterday, indicating moderate activity.
After their sharp rally over the last seven days, both the Midcap and the Smallcap Indices entered a phase of consolidation in a narrow range. The Nifty Midcap 100 gained a marginal 0.01%, while the Nifty Smallcap 100 registered a slight dip of 0.10%. Despite this, market breadth remained positive for the sixth consecutive day, with advancing stocks outpacing declining ones, as indicated by a BSE advance-decline ratio of 1.04.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market trend is bullish and sees a further rise in the key benchmark index once it breaks above 25,700 on a closing basis. The Prabhudas Lilladher expert said the Nifty 50 index is expected to touch 26,200 soon once it breaks above the 25,700 level.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index witnessed a very narrow rangebound session hovering near the 25,500 to 25,550 zone with consolidation happening, maintaining the bias positive and anticipating a further rise in the coming days. We maintain our stance for the index, having the near-term support positioned near the 25,250 to 25,300 zone. On the upside, the scope for higher targets of 25, 700, and 26200 levels is achievable, with the undertone maintained strong.”
“The Bank Nifty index overall had a sluggish session with some positive moves witnessed in the second half among the financial counters, anticipating a further upward move once a decisive breach above the 57600 zone is confirmed. The index has sustained near the peak zone with bias maintained strong, having the important support near the 56,000 zone, which needs to be sustained, and, on the upside, with the bias improving, can expect fresh targets of 58,500 and 60,000 levels in the coming days,” said Parekh.
Parekh said that Nifty’s immediate support today is at 25,400, while resistance is at 25,700. The Bank Nifty will have a daily range of 57,000 to 58,000.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended buying these three buy-or-sell stocks: Filatex India, Indian Overseas Bank (IOB), and Himatsingka Seide.
1] Filatex India: Buy at ₹57, Target ₹68, Stop Loss ₹55;
2] IOB: Buy at ₹40, Target ₹45, Stop Loss ₹38; and
3] Himatsingka Seide: Buy at ₹157, Target ₹170, Stop Loss ₹152.
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.
