Buy or sell stocks: Following weak global market sentiments after US President Donald Trump reiterated his stance on the planned tariff on Canada and Mexico, the Indian stock market ended lower for the sixth straight session. The Nifty 50 index ended marginally lower at 22,547; the BSE Sensex finished 147 points higher at 74,602, whereas the Bank Nifty index corrected 43 points and closed at 48,608. Sectorally, metals, realty, PSU banks, and oil & gas sectors bore the brunt of the selling pressure. In contrast, the media, consumer durables and auto sectors achieved marginal gains. The Mid-cap and the Smallcap indices continued their slide for the third straight day. The Nifty Midcap 100 index fell 0.62%, while the Nifty Smallcap 100 index closed 0.44% lower. Declining stocks outnumbered advancing ones for the third consecutive session, with the BSE advance-decline ratio at 0.74.
Stock market today
Speaking on the outlook for the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index witnessed a dull, sluggish session and remained hanging near the 22,550 zone for most of the session with bias and sentiment maintained with a cautious approach and further ahead, a decisive move below 22,500 level shall trigger for fresh selling pressure. On the upside, as mentioned earlier, the index would need to move past the near-term hurdle of the 22,800 level to regain some strength, and only a close above the 23,000 zones shall bring conviction for a further upward move.”
“The Bank Nifty index witnessed a very narrow range bound session hovering near the 48,650 zone with no clear direction and was able to sustain the near-term support area of 48,400 zone with bias maintained with a cautious approach. The index needs to move past the resistance hurdle of the 49,700 zone, which is necessary to anticipate further rise thereafter in the coming days,” Parekh said.
Vaishali Parekh of Prabhudas Lilladher added that today, the Nifty support is 22,400, while the resistance is 22,800. The Bank Nifty would have a daily range of 48200-49000.
Vaishali Parekh’s stock recommendations today
Regarding intraday stocks for today, Vaishali Parekh recommended three buy or sell stocks for intraday trading: Trent, Maruti Suzuki India Limited, and Reliance Industries Ltd (RIL).
1] Trent: Sell at ₹4958, target ₹4780, stop loss ₹5050;
2] Maruti Suzuki: Buy at ₹12491, target ₹12800, stop loss ₹12300; and
3] Reliance Industries: Sell at ₹1203, target ₹1180, stop loss ₹1220.
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.
