Buy or sell stocks: The Indian stock market closed lower on Thursday, May 8, as rising tensions between India and Pakistan dampened investor confidence. The Indian stock market began the day on a strong note but experienced a steep decline in the final hour of trading after the Indian government announced that its armed forces had struck air defence radars and systems at various sites in Pakistan.
The Nifty 50 ended the session down 0.51%, slipping below the 24,300 level to finish at 24,273, while the Sensex declined by 411 points, or 0.51%, closing at 80,334.
Stock market today
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is cautiously positive. The Nifty 50 index closed around 24,250 after facing a hurdle at 24,400. The Prabhudas Lilladher expert maintained that the 50-stock index has crucial support at 24,050.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index once again witnessing resistance 24400 zone has tanked post the lunch session amid ongoing tensions across the border to close near the 24250 zone with bias and sentiment maintained with a cautious approach awaiting further developments in the coming days. As mentioned earlier, the index is precariously placed, having the crucial support zone near the 200-period MA at 24050 levels, which needs to be sustained as of now.”
“The Bank Nifty index amid high volatility found resistance near the 54900 zone, and with heavy profit booking, witnessed the end of the session below the 54400 level, with sentiment precariously placed with a cautious approach. The index would need to maintain above the near-term support of the 54000 zone to expect consolidation, failing which, the situation can turn weak with the trend turning down,” Parekh said.
Parekh said that today, support for the Nifty is at 24,000, while resistance is at 24,500. The Bank Nifty would have a daily range of 53,700 to 55,000.
Vaishali Parekh’s stock picks
Regarding stocks to buy today, Vaishali Parekh recommended these three buy or sell stocks: Ujjivan Small Finance Bank, Genus Power, and CG Power.
1] Ujjivan Small Finance Bank: Buy at ₹42, Target ₹46, Stop Loss ₹40;
2] Genus Power: Buy at ₹289, Target ₹310, Stop Loss ₹278; and
3] CG Power: Buy at ₹624, Target ₹660, Stop Loss ₹600.
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 taking any investment decisions.
