Buy or sell stocks: The key benchmark indices of the Indian stock market ended flat after a volatile, range-bound session on September 29, with the Nifty posting its seventh straight decline. After a positive start, the market attempted an early upside, but persistent selling on intraday rallies dragged the Nifty to close near the day’s low. Uncertainty surrounding the US–India trade deal and sustained weakness in the IT and pharmaceutical sectors remain key near-term headwinds for the market. Investors are awaiting the RBI policy announcement this week, with the central bank widely expected to maintain the status quo on rates. At close, the Sensex was down 61.52 points or 0.08 per cent at 80,364.94, and the Nifty was down 19.80 points or 0.08 per cent at 24,634.90.
The midcap index gained 0.3%, while the small-cap index slipped slightly. Sector-wise, oil & gas, PSU banks, energy, and realty gained around 1% each, while the media index fell nearly 1%.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is cautious, as the Nifty 50 index has slipped below the crucial support level at 24,800 and is now finding fresh support at the 24,500 to 24,450 levels. On the upper side, the key benchmark index is facing a hurdle at the 24,900 levels.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index witnessed a highly volatile session, swinging both ways, finding resistance near the 24,800 zone and thereafter, showed good support near the 24,600 level to close almost on a flat note with bias overall maintained with a cautious approach. As mentioned earlier, the index is precariously placed, having the crucial and major support positioned near the 24,450-24,500 zone and on the upside, would need a convincing and decisive breach above the 24,900 zone to expect further upside movement in the coming days.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index witnessed high fluctuations resisting near the 54,700 zone and maintaining above the 54,200 level, ending the session on a marginal positive note near the 54,500 level with the bias maintained with a cautiously optimistic approach as of now, expecting a pullback in the coming sessions. With the next major support zone lying near the 53,600 level of the previous bottom made, the index would need to breach above the 50-DEMA level at the 55,200 zone to establish conviction and thereafter, expect further rise in the coming days.”
Parekh stated that immediate support for the Nifty 50 index is located at 24,500, while the resistance is positioned at 24,900. The Bank Nifty is expected to have a daily range of 54,000-55,200.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: Belrise Industries, Ujjivan Small Finance Bank, and Petronet LNG.
1] Belrise Industries: Buy at ₹158, Target ₹166, Stop Loss ₹155;
2] Ujjivan Small Finance Bank: Buy at ₹46, Target ₹50, Stop Loss ₹44; and
3] Petronet LNG: Buy at ₹277, Target ₹285, Stop Loss ₹273.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
