Buy or sell stocks: The consolidated gains with remarkable resilience last week, even as global uncertainty deepened following US sanctions on Russian energy companies, which drove global crude oil prices higher by around 5% and reignited concerns over India’s import bill and inflation outlook. This, coupled with mixed signals around India–US trade negotiations, triggered light profit-taking across the market toward the week’s close. Despite these headwinds, domestic benchmark indices maintained their composure, supported by strong DII inflows and encouraging Q2 earnings from the IT and consumer sectors. The festive season added momentum through robust consumption demand, while the improvement in the US-China trade dialogue offered a mild lift to global sentiment.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is cautiously optimistic as the Nifty 50 index is sustaining above the crucial support placed at 25,400. The 50-stock index may test this essential support level before rebounding. The Prabhudas Lilladher expert said that before a possible rebound, the key benchmark index may try to retest the 26,300 levels.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index, after the strong run-up, once again witnessed some profit booking, taking a breather to cool off from the peak zone of 26,100 level and has the near-term support positioned near the 25,400 level, which needs to be sustained to maintain the overall trend intact. With the overall bias still maintained with an optimistic approach, another fresh round of upside move cannot be ruled out, with the index aiming to retest the previous peak zone of 26300 level, which can trigger a fresh upward move in the coming days.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index cooled off from the peak zone of 58,600 level, shedding some of the gains and having the near-term support at 57,300 zone would need to stabilise and sustain, to maintain the optimistic approach and expect further rise in the coming days. A decisive breach below the 56,500 zone would weaken the bias, and thereafter, an anticipated further slide is expected, with the index having its next support positioned near the 55,300 zone. With the undertone still maintained strongly, one can expect a turnaround in the coming session, anticipating a further rise.”
Parekh stated that immediate support for the Nifty 50 index is located at 25,700, while resistance is seen at 26,000. The Bank Nifty is expected to have a daily range of 57,300 to 58,400.
Vaishali Parekh’s stock recommendations today
Regarding , Vaishali Parekh recommended three : CESC, GPIL, and Raymond Realty.
1] CESC: Buy at ₹184.65, Target ₹194, Stop Loss ₹180;
2] GPIL: Buy at ₹263.50, Target ₹276, Stop Loss ₹257; and
3] Raymond Realty: Buy at ₹238.70, Target ₹250, Stop Loss ₹233.
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.