Buy or sell stocks: The key benchmark indices of the Indian stock market extended their uptrend for the second straight session on Friday, with the Nifty 50 index crossing the 25,300 mark intraday — its highest level since September 19th. After a muted start, the market maintained a positive bias through the session, enabling the Nifty to reclaim the 25,300 level, driven by broad-based buying across sectors, except metals. At close, the Sensex was up 328.72 points or 0.40 per cent at 82,500.82, and the Nifty was up 103.55 points or 0.41 per cent at 25,285.35. On a weekly basis, both the BSE Sensex and Nifty posted gains of 1.5 per cent each.
The broader markets moved in tandem with the benchmarks, as the Midcap index advanced 0.46%, while the Small-cap index added 0.74%. All sectoral indices, except metals, ended in the green. The realty, healthcare, PSU Bank, pharma, and consumer durables indices outperformed, registering gains of over 1.5 per cent each, while the FMCG, auto, and banking indices advanced between 0.4 and 0.8 per cent.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment has improved as the Nifty 50 index finished close to 25,300. However, the Prabhudas Lilladher expert maintained the 50-stock index would need to break above 25,300 to set a positive tone.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index has continued with the positive move, gaining further, crossing the 25,300 zone during the intraday with bias and sentiment improving once again with the broader markets showing signs of a positive move, anticipating a further rise in the coming days. The index would need a decisive close above the important hurdle at the 25,300 zone to establish conviction and, thereafter, can expect a fresh upward move with the 25,700 level as the next immediate target.”
On the outlook of the Bank Nifty today, Parekh said, “The Bank Nifty index has shown signs of gaining strength further to move past the 56,600 zone with bias improving and the frontline banking stocks picking up well with further upside gain visible in the coming days. With the 55,600 level positioned as the near-term support for the index, we can anticipate further upward moves for the target of the 57,700 zone in the coming days, with sentiment easing out and maintaining an optimistic approach with the ongoing festive season.”
Parekh stated that immediate support for the Nifty 50 index is located at 25,150, while the resistance level is at 25,500. The Bank Nifty is expected to have a daily range of 56,200-57,300.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: KFin Technologies, Arkade Developers, and IDBI Bank.
1] KFin Technologies: Buy at ₹1072, Target ₹1110, Stop Loss ₹1045;
2] Arkade Developers: Buy at ₹173, Target ₹185, Stop Loss ₹169; and
3] IDBI Bank: Buy at ₹93.45, Target ₹100, Stop Loss ₹91.50.
Disclaimer: This story is for educational purposes only. 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.
