Buy or sell stocks: Following strong global cues post-ceasefire in the Israel-Iran war, the Indian stock market ended higher for the fourth straight session. The Nifty 50 index was high nine months ago and finished at 88 points upside at 25,637. The BSE Sensex ended 303 points higher at 84,058, while the Bank Nifty index gained 237 points and closed at 57,443. Leading the charge among the top performers on the Nifty were Jio Finance, Asian Paints, and Apollo Hospital. Conversely, Tata consumers, Dr Reddy’s, and Wipro ended the session as major losers of Nifty, facing some profit booking. Trading volumes on the NSE cash market were higher by 29% compared to yesterday, primarily driven by NSE indices rebalancing-related volumes. Nifty continued its upward journey for the second week, gaining 2.10%.
The Midcap and the Smallcap Indices continued their stellar upward journey for the sixth consecutive day. The Nifty Midcap 100 gained a modest 0.27%, while the Nifty Smallcap 100 rose by 0.91%, closing at their highest levels since January 3rd. Market breadth remained firmly positive for the fourth consecutive session, with advancing stocks comfortably outpacing declining ones, as indicated by a BSE advance-decline ratio of 1.29.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is positive and predicts a further rise in the upcoming session. The Prabhudas Lilladher expert said the Nifty 50 index is set to touch 25,700 soon as the key benchmark index has made strong support at 25,300 levels. She said the 50-stock index may touch 26,200 once it breaks above 25,700 on a decisive basis.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index witnessed a strong session sustaining above the previous day close and with a gradual rise seen during the intraday session has strengthened the bias anticipating for further rise in the coming days. As mentioned earlier, the index would have the near-term support positioned near the 25,300 zone and on the upside, with the undertone maintained strong, it has opened the gates for higher targets of 25,700 and 26,200 levels, with bias and sentiment getting better and better.”
“The Bank Nifty index continued with the positive move, extending the gains and surged ahead with the trend getting stronger, breaching above the previous peak zone of 57,050 level, anticipating further rise in the coming days. As mentioned earlier, the index would have the important support near the 56,000 zone, which needs to be sustained and, on the upside, with the bias improving, can anticipate 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 25,500, while resistance is at 25,800. The Bank Nifty will have a daily range of 57,000 to 58,000.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended these three buy-or-sell stocks: Natco Pharma, IFCI, and Bharat Dynamics.
1] IFCI: Buy at ₹64, Target ₹68, Stop Loss ₹62.50;
2] Natco Pharma: Buy at ₹905, Target ₹980, Stop Loss ₹880; and
3] Bharat Dynamics: Buy at ₹1890, Target ₹1980, Stop Loss ₹1855.
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.
