Buy or sell stocks: buoyed by favourable global cues following the announcement of the US-Japan trade deal, the key benchmark indices of the Indian stock market staged a strong rally on Wednesday. A risk-on sentiment prevailed across Asian markets, further supported by optimism surrounding the ongoing corporate earnings season. The Nifty 50 opened on a firm footing, exhibiting initial range-bound movement during the first hour of trade. However, the index witnessed upward momentum in the latter half, eventually settling near the day’s high at 25,219.90, registering gains of 159 points or 0.63% on a closing basis.
The broader markets posted a mixed performance, with the Nifty Midcap 100 advancing 0.34%, while the Small Cap index closed flat, indicating selective participation. On the sectoral front, the action was largely stock-specific. The Realty index underperformed, shedding 2.6%, followed by the Media (-0.9%) and FMCG (-0.5%) indices. In contrast, Auto, Metal, Oil & Gas, Consumer Durables, Pharma, Private Banks, PSU Banks, and Telecom sectors clocked modest gains from 0.5% to 1%, reflecting a rotational buying trend across cyclicals and rate-sensitive sectors.
Stock market today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that the improved bias is still intact. The Nifty 50 has been sustaining above 25,000 levels after bouncing back from the 50-DEMA support of 24,900. However, the key benchmark index is facing a hurdle at 25,250, and it needs to breach this resistance for further improvement in Dalal Street’s mood. On breaking above 25,250 on a closing basis, we can expect the 50-stock index to touch 25,500 and 25,700 soon.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index once again indicated a positive move with overall strong bias visible and has arrived near the near-term resistance hurdle of 25,250 zone, which needs to be breached decisively in the coming sessions. With an optimistic approach maintained, one can expect further targets of 25,500 and 25,700 to be achievable, with most of the frontline stocks well poised for further gains, which can help the index gain further. The 24,900 zone shall remain the major and crucial support for the index.”
“The Bank Nifty index, once again, picked up momentum, resisting near the 57,300 zone, which needs to be breached above and can expect to make new highs in the coming days, with higher targets of 58,500 and 60,000 levels achievable. The overall bias and sentiment have improved with the heavyweight banking stocks technically looking good and can carry on with the positive move further ahead,” said Parekh.
Parekh said that immediate support for the Nifty 50 index is 25,100, while the resistance is 25,400. The Bank Nifty would have a daily range of 56,700 to 57,800.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: GHCL, PFC, and IFCI.
1] GHCL: Buy at ₹621, Target ₹645, Stop Loss ₹605;
2] PFC: Buy at ₹419, Target ₹440, Stop Loss ₹410; and
3] IFCI: Buy at ₹61.70, Target ₹65, Stop Loss ₹60.
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.
