Buy or sell stocks: The Indian stock market continued to trade range-bound for the third straight session on Wednesday. The Nifty 50 index went off 88 points and closed at 25,453, the BSE Sensex shed 287 points and closed at 83,409, and the Bank Nifty index finished 460 points lower at 56,999. Leading the charge among the top performers on the Nifty, demonstrating resilience, were Tata Steel, JSW Steel, and Asian Paints. Conversely, Shriram Finance, HDFC Life, and IndusInd Bank ended the session as major losers, facing the brunt of the selling. Trading volumes on the NSE cash market were slightly higher by 4% compared to Tuesday.
Nifty Midcap and Smallcap Indices witnessed profit booking along with the Benchmark, where Nifty Midcap 100 fell marginally by 0.14% while Nifty Smallcap 100 registered a fall of 0.41%. Market breadth turned weak after six days, with declining stocks outpacing advancing ones, as indicated by a BSE advance-decline ratio of 0.83.
Stock market today
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is still positive. The Nifty 50 index is above its crucial support of 25,300 to 25,250 levels. The Prabhudas Lilladher expert said the Nifty today will hurdle at 25,650 to 25,700.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index after resisting near the 25,650 zone has witnessed a gradual slide with profit booking happening with the bias and sentiment still maintained strong, having the near-term support positioned near the 25,250-25,300 zone. Once the index stabilises and indicates a revival, we can expect to carry on with the positive move for higher targets of 25, 700 and 26200 levels, which is achievable.”
“The Bank Nifty index witnessed heavy profit booking after resisting near the 57,600 zone, slipping down to close near the 57,000 zone, slightly weakening the bias, but with the overall trend maintained intact, one can expect the index to consolidate near the 56,000 zone, which is the near-term important support. On the upside, once a decisive breach above the resistance level of 57,600 is breached, one 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 25,300, while resistance is at 25,600. The Bank Nifty would have a daily range of 56,500-57,600.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended these three buy-or-sell stocks: Aditya Birla Fashion and Retail (ABFRL), JM Financial, and Hindustan Unilever Ltd (HUL).
1] ABFRL: Buy at ₹76, Target ₹80, Stop Loss ₹74;
2] JM Financial: Buy at ₹1660, Target ₹1701, Stop Loss ₹155; and
3] HUL: Buy at ₹2308, Target ₹2400, Stop Loss ₹2250.
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
