Buy or sell stocks: The Indian stock market broke its three-day losing streak, buoyed by robust Asian market performance and advancing US futures. The Nifty 50 index finished 319 points higher at 25,112, the BSE Sensex surged 1,046 points and closed at 82,408, while the Bank Nifty index shot up 675 points and closed at 56,252. Trent, Jio Finance, and M&M emerged as top performers on the Nifty. Conversely, Hero Moto Corp, Dr Reddy’s, and Maruti concluded the session as major losers of the Nifty. Trading volumes on the NSE cash market were higher by 76% on the back of Sensex and FTSE rebalancing-related trades.
The buying frenzy was broad-based, with all sectoral indices ending in the green. Amongst them, Realty, PSU Banks, Metal, and Auto sectors were the significant outperformers, leading the charge from the front. All major sectoral indices ended in the green, indicating widespread optimism. Notable gains were seen in Metal, PSU Bank, Realty, Power, Telecom, and Capital Goods, with each sectoral index rising between 1 per cent and 2 per cent.
Stock market today
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes the Indian stock market bias has improved as the Nifty 50 index has decisively closed above 25,000. The Prabhudas Lilladher expert said the bias might turn bullish once the key benchmark index decisively breaks above the 25,200 to 25,250 hurdle.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index witnessed a strong move during the session to move past the 25,000 zone decisively on the back of easing out of the geo-political tensions temporarily as of now, with strong recovery visible across the board. The index would have the near-term hurdle at the 25,200-25,250 zone, above which one can expect fresh upward to retest the previous peak zone at 26,277 levels in the coming days. At the same time, the 24,700 level would be the crucial near-term support that needs to be sustained to maintain the bias intact.”
“The Bank Nifty index bounced back once again to move past the hurdle of the 56,000 zone with bias improving and expecting further rise in the coming days with sentiments expected to ease out for the next coming sessions and would need to breach above the near-term resistance zone at the 57,000 level to strengthen the trend further. On the downside, the 55,000 zone would be the important near-term support that needs to be sustained now,” said Parekh.
Parekh said that today, support for the Nifty is at 25,000, while resistance is at 25,300. The Bank Nifty will have a daily range of 55,700 to 57,000.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended three buy or sell stocks: Yes Bank, Jio Financial Services, and Persistent Systems.
1] Yes Bank: Buy at ₹19.70, Target ₹21, Stop Loss ₹19;
2] Jio Financial Services: Buy at ₹292, Target ₹303, Stop Loss ₹288; and
3] Persistent Systems: Buy at ₹6100, Target ₹6500, Stop Loss ₹5800.
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.
