Buy or sell stocks: Following weak global market sentiment, heightened volatility, and a sharp sell-off in IT stocks, the Indian stock market ended lower on Monday. The Nifty 50 index finished 74 points lower at 24,945. The BSE Sensex ended 271 points down at 82,059. However, the Bank Nifty index gained 65 points and closed at 55,420.
Conversely, the broader markets exhibited resilience. The BSE Midcap and Small-cap indices posted gains of 0.27% and 0.75% respectively, indicating sustained investor interest in mid and small-cap counters. Among the sectoral gainers, Nifty Realty outshone peers with a substantial 2.2% gain, followed by Nifty PSU Bank and Nifty Pharma, which advanced 1.5% and 0.5%, respectively. Volatility remained elevated, reflecting investor caution amid macroeconomic uncertainties and global risk aversion.
Stock market today
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes the Indian stock market bias is positive until the Nifty 50 index is above 24,800. The Prabhudas Lilladher expert said the Nifty 50 index is facing an immediate hurdle at 25,400, while 24,500 is crucial support for the Nifty today.
Speaking on the outlook for the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index witnessed another session of narrow movement with consolidation happening with a gradual slide to close below the 25000 zone after the strong pick up in the last week. The overall trend is maintained positive and with the index having the near-term support now positioned near 24800 and major support zone at 24500 level, which needs to be sustained, one can expect further continuation of the uptrend with fresh upside targets of 25400 and 25800 levels expected in the coming days.”
“The Bank Nifty index continue to remain rangebound and has been gripped between the 56000 and 54000 zone for quite some time and would need a decisive breach above the 56000 level to confirm a breakout and thereafter expect for further rise in the coming days with further fresh targets of 56600 and 58500 levels expected in the coming days. On the downside, as mentioned earlier, the important support zone lies near the 54000 zone, which needs to be sustained to maintain the overall bias intact,” said Parekh.
Parekh said that support for Nifty today is placed at 24800, while the resistance is at 25200. The Bank Nifty would have the daily range of 55,000 to 56000.
Vaishali Parekh’s recommended stocks to buy today
Regarding stocks to buy today, Vaishali Parekh recommended these three buy or sell stocks: Jamna Auto Industries, Ola Electric Mobility, and Thirumalai Chemicals.
1] Jamna Auto Industries: Buy at ₹90, Target ₹96, Stop Loss ₹87;
2] Ola Electric Mobility: Buy at ₹52.60, Target ₹58, Stop Loss ₹50; and
3] Thirumalai Chemicals: Buy at ₹263, Target ₹280, Stop Loss ₹255.
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 taking any investment decisions.
