Buy or sell stocks: The key benchmark indices of the gave up part of their intraday momentum but sustained their upward trajectory for the fourth consecutive session on October 7, amid heightened volatility due to the weekly Nifty options expiry. The Nifty eventually concluded marginally above the 25,100 level, after scaling an intraday high of 25,220.9. At the close, the Sensex advanced 136.63 points, or 0.17%, to 81,926.75, while the Nifty rose 30.65 points, or 0.12%, to end at 25,108.30.
Sector-wise, Realty, Energy, Oil & Gas, Pharma, Telecom, and Consumer Durables outperformed, gaining between 0.3% and 2%. In contrast, selective profit booking was observed in Defence and FMCG names. On the broader front, the Midcap index added 0.47%, and the Small-cap index ended marginally higher by 0.31%.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market bias is cautiously optimistic, as the Nifty 50 index is facing a hurdle at the 25,200 levels. The Prabhudas Lilladher expert went on to add that the 50-stock index needs to break above 25,300 on a closing basis to establish a positive conviction on Dalal Street.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index, continuing with the upward move, witnessed a halt near the 25,200 zone, where the index found resistance and witnessed some profit booking amid some volatility during the session, with overall bias and sentiment maintained with a positive approach. The index would need to sustain above the 25,000 zone and thereafter, a decisive breach above the important hurdle at the 25,300 zone shall establish conviction and clarity for further rise in the coming days to carry on with the ongoing uptrend.”
On the outlook of the Bank Nifty today, Parekh said, “The Bank Nifty index, having an optimistic view, resisted near the 56,500 zone during the session, witnessing some erosion, but has maintained the bias intact with further upward move anticipated in the coming days. The neckline zone of the Inverted Head and Shoulder pattern at the 55,700 level shall be positioned as the important support from the current level, which needs to be sustained, and on the upside, a positive move till the 57,700 zone can be anticipated with the overall sentiment maintained positive.”
Parekh stated that immediate support for the Nifty 50 index is located at 25,000, while the resistance level is at 25,300. The Bank Nifty index is expected to have a daily range of 55,800-56,800.
Vaishali Parekh’s stock recommendations today
Regarding , Vaishali Parekh recommended three for today: Torrent Power, Engineers India, and Jupiter Wagons Ltd.
1] Torrent Power: Buy at ₹1240, Target ₹1290, Stop Loss ₹1215;
2] Engineers India: Buy at ₹201.60, Target ₹214, Stop Loss ₹196; and
3] Jupiter Wagons Ltd: Buy at ₹344.35, Target ₹365, Stop Loss ₹337.
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 making any investment decisions.