Buy or sell stocks: Driven by short covering and firm global cues, the Indian stock market sustained the selling pressure of Dalal Street Bears as the Nifty 50 index ended above the crucial 22,550 mark. The BSE Sensex sustained above the crucial 74,300 mark and closed at 74,332. The Bank Nifty index ended marginally low at 48,497. The Nifty Small Cap 100 Index outperformed with a 1.32% increase, while the Nifty Midcap Index rose 0.37%. Advancing stocks significantly outnumbered declining ones for the second straight day, with the BSE advance-decline ratio reaching 3:1. Reliance Industries Ltd. was the most significant contributor to the index gain, rising 2.9%. Asian Paints Ltd. recorded the highest percentage increase at 4.8%. Nearly all sectoral indices closed positive, with Oil & Gas, Metal, and Pharma leading the gains. Only Nifty Realty ended in negative territory.
Stock market today
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes that the overall Indian stock market bias is cautious to positive as the Nifty 50 index is facing hurdles in the 22,500 to 22,600 range. The Prabhudas Lilladher expert said the 50-stock index may touch 22,800 and 23,000 soon once it breaks above 22,600 on a closing basis.
Speaking on the outlook for the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index witnessed a volatile session finding resistance near the 22600 zone but maintained above the important 22500 level throughout the session with bias and sentiment maintained with a cautiously positive approach with further rise anticipated in the coming sessions. The index has the next near-term target of 22800 zone, and a decisive breach above the 23000 level shall establish some conviction for further rise ahead.”
“The Bank Nifty index continues to remain sluggish overall compared to the Nifty index, with fluctuations witnessed and resisting near the 48700 zone during the intraday session. The index has maintained the strong support zone near the 47900 level and, on the upside, would need a decisive breach above 49500 levels to improve the bias and thereafter expect a further rise in the coming days,” said Parekh.
Vaishali Parekh added that support for the Nifty today is at 22400, while resistance is at 22800. The Bank Nifty would have a daily range of 48000-49000.
Vaishali Parekh’s recommended stocks to buy today
Regarding stocks to buy today, Vaishali Parekh recommended these three buy or sell stocks: BLS International, MMTC, and Godrej Consumer Products.
1] BLS International: Buy at ₹347.25, target ₹362, stop loss ₹339;
2] MMTC: Buy at ₹55.20, target ₹59, stop loss ₹53; and
3] Goerej Consumer Products: Buy at ₹1045, target ₹1100, stop loss ₹1020.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
