Buy or sell stocks: Despite a gap-up opening, the Indian stock market ended lower for the third straight session on Tuesday. The Nifty 50 index ended 174 points lower at 24,542. The BSE Sensex nosedived 636 points and closed at 80,737, while the Bank Nifty index finished 303 points lower at 55,599. Oil & Gas was the worst-performing index, and Nifty Realty was the best-performing index. The Nifty Realty index added 1% amid hopes of a rate cut by the Reserve Bank of India in its upcoming policy review. The Nifty Smallcap100 index showcased its outperformance relative to the benchmark by rising 0.10%.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market trend is cautious as the Nifty 50 index is just above the crucial support placed at 24,500. The Prabhudas Lilladher expert said the Nifty is facing a minor hurdle at 24,800, while the benchmark index is facing a substantial hurdle at 25,000. If it breaks above 25,000, the index may soon reach 25,400.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index witnessed resistance near the 24,800 zone in the morning session and succumbed to profit booking as the day progressed on the back of weak global cues to witness profit booking and closed near the important support zone at 24,500 level. The index needs to sustain above the 24,500 zone, failing which the bias would turn slightly weak, and thereafter, the significant 200-period MA at the 24,050 zone would be the next major support position. With the geo-political tensions looming again, the sentiment would be maintained cautiously.”
“The Bank Nifty index fizzled out the positive development witnessed in the last session and has been gripped inside the tight range of 55800 and 54500 levels with overall bias remaining positive. As mentioned earlier, the index needs to sustain above the crucial support of the 54500 level to maintain the overall bias intact and would need a decisive breach above the 55800 level to break through above the tight range and expect a fresh upward move in the coming days,” said Parekh.
Parekh said that support for Nifty today is placed at 24,400 while the resistance is seen at 24,800. The Bank Nifty would have a daily range of 55,200 to 56,000.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended these three buy or sell stocks: Medico Remedies, Jain Irrigation Systems, and IndusInd Bank.
1] Medico Remedies: Buy at ₹52, Target ₹58, Stop Loss ₹49;
2] Jain Irrigation Systems: Buy at ₹60, Target ₹65, Stop Loss ₹58; and
3] Indusind Bank: Sell at ₹799, Target ₹760, Stop Loss ₹810.
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.
