Buy or sell stocks: The key benchmark indices of the Indian stock market witnessed a highly volatile trading session. However, post noon, the market recovered from its early losses, aided by positive global cues and investor optimism ahead of the crucial US jobs data. At the close, the Sensex settled almost flat at 80,710.76, down 7.25 points or 0.01%, while the Nifty ended with a marginal gain of 0.03% at 24,741, up 6.70 points. The flat closing highlights cautious sentiment among market participants, as investors preferred to remain on the sidelines ahead of key economic announcements.
On the sectoral front, performance remained mixed. Nifty Auto outperformed with gains of over 1%, followed by Nifty Metal and Nifty Media, which also closed in the green. On the flip side, Nifty IT, FMCG, and Realty indices came under pressure, each falling more than 1%, as profit-booking was seen in heavyweights. The broader markets displayed resilience, with the Nifty Midcap 100 advancing 0.20% and the Small Cap 100 gaining 0.19%, indicating selective buying interest from investors.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is positive. The Nifty 50 index closed above the 20-DEMA at 24,710. However, after making an immediate base of 24,600, the key benchmark index faces a hurdle at 25,000. On breaking above 25,000 decisively, we can expect a fresh bull trend in the Indian secondary market.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index, with a gap-up opening session, witnessed a volatile session and breached below the important support of the 20DMA level of the 24708 zone but managed to recover in the second half to close the session near the 24750 zone, with the bias still maintained positive overall. The index would need to sustain above the 24600 zone, failing which the next crucial support would be at around the 24400 level, and on the upside, a decisive breach above the 25000 zone is necessary to trigger a fresh upward move in the coming days.”
On the outlook of the Bank Nifty today, Parekh said, “The Bank Nifty index continued to move within the tight range of the 53500 and 54500 zone, to close near the 54100 level with the overall trend maintained positive. As mentioned earlier, we maintain our stance on the crucial support positioned near the 53500 level, which needs to be sustained. At the same time, a decisive breach above the 54500 zone shall trigger a range breakout, and thereafter we expect a fresh further rise in the coming days.”
Parekh said that immediate support for the Nifty 50 index is at 24600 levels, while resistance is seen at 25,000. The Bank Nifty would have a daily range of 53,500 to 54,500.
Vaishali Parekh’s stock recommendations today
Regarding intraday stocks to buy today, Vaishali Parekh recommended these three buy-or-sell stocks: RBL Bank, Glenmark Pharmaceuticals, and Elin Electronics.
1] RBL Bank: Buy at ₹275.50, Target ₹300, Stop Loss ₹265;
2] Glenmark Pharmaceuticals: Buy at ₹2049, Target ₹2200, Stop Loss ₹1960; and
3] Elin Electronics: Buy at ₹206, Target ₹240 to ₹250.
Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
