Buy or sell stocks: The Nifty 50 and Sensex fluctuated between gains and losses throughout Tuesday’s session on July 22, as investors adopted a cautious stance. With no strong directional cues, the benchmark indices paused for breath, while notable movement was seen in individual stocks. The Nifty ended the day down 29 points, or 0.12%, at 25,060.90. Market participants remained focused on developments related to the India-US trade agreement.
All sectoral indices closed in the red, with IT, auto, PSU banks, pharma, media, and realty falling between 0.4% and 2%. Broader markets also witnessed weakness — the Nifty Midcap 100 declined by 0.6%, while the Nifty Smallcap index performed slightly better, slipping 0.3%. Meanwhile, market fear and volatility continued to ease, as reflected in a 3.5% drop in the India VIX to 10.75.
Stock market today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is positive. The Nifty 50 index has sustained above the psychological 25,000 levels after bouncing back from the 50-DEMA support of 24,900. However, the Prabhudas Lilladher expert maintained that the key benchmark index is facing a hurdle of 24,250 and predicted more upside once the 50-stock index breaks above 25,250 on a closing basis.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index witnessed consolidation near the 25,100 zone, maintaining above the important 25,000 zone with bias overall remaining intact. One can expect a revival in the coming sessions. As mentioned earlier, the index would have the near-term resistance at the 25,250 zone, which needs to be breached decisively to improve the bias further and retest the 25,650 level to strengthen the trend. The 24,900 zone shall remain as the major and crucial support for the index, which needs to be sustained as of now.”
“The Bank Nifty index, after opening on a positive note, fizzled out resisting near the 57,200 zone and with profit booking seen witnessed a gradual slide to end near the 56,700 zone with bias maintained intact, having the strong support near the 56,000 level, which has been sustained as of now. On the upside, the index would need to breach above the resistance zone of 57,600 level, as we have been mentioning, and thereafter, can expect fresh higher targets of 58,500 and 60,000 levels in the coming days,” said Parekh.
“The support for the day is seen at 24,900, while the resistance is seen at 25,300. The Bank Nifty would have the daily range of 56,200-57,300,” Vaishali Parekh of Prabhudas Lilladher concluded.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: ABFRL, Exide Industries, and Nykaa.
1] ABFRL: Buy at ₹76, Target ₹80, Stop Loss ₹74;
2] Exide Industries: Buy at ₹393, Target ₹405, Stop Loss ₹388; and
3] Nykaa: Buy at ₹220, Target ₹228, Stop Loss ₹215.
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.
