Buy or sell stocks: Following weak global market cues, the began the trading session on a subdued note on Tuesday. Following the opening, the benchmark indices entered a corrective phase, amidst the absence of any buying emergence. As the session advanced, selling pressure intensified, leading to a decline of the Nifty 50 index below the 20-Day EMA. Ultimately, the Nifty 50 index closed the session below the 25600 level, down 0.64%. The BSE Sensex shed 519 points and closed at 83,459, while the Bank Nifty index finished 274 points lower at 57,827.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment has shattered as the Nifty 50 index ended below 25,600. The key benchmark index may attempt to test the 25,400 level.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index fizzled out the gains witnessed in the previous session to slide gradually as the day progressed from the 25,750 zone to end the session just below the 25,600 level with a bias little bit shattered, expecting further slide till the 25,400-25,450 zone in the coming sessions. A decisive revival to move past the 25,750 zone shall once again improve the bias to maintain the overall trend intact, with the important support positioned near the 25,400 zone, as mentioned earlier.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index continues to move within the tight range, resisting near the 58,100-zone, witnessing a sluggish session to end near the 57,800 level with bias maintained intact. As said earlier, a decisive breach above the 58,500 zone is much needed to expect a fresh upward move in the coming days, with the higher target of the 60,000 level, with the crucial near-term support positioned near the 57,500 zone, which needs to be sustained to maintain the overall bias intact.”
Parekh stated that immediate support for the Nifty 50 index is located at the 25,450 level, while the resistance is at 25,800. The Bank Nifty index is expected to have a daily range of 57,500-58,400.
Vaishali Parekh’s stock recommendations today
Regarding , Vaishali Parekh of Prabhudas Lilladher recommended three : Delhivery, Ashok Leyland, and Hindalco Industries.
1] Delhivery: Buy at ₹480, Target ₹510, Stop Loss ₹470;
2] Ashok Leyland: Buy at ₹139, Target ₹145, Stop Loss ₹136; and
3] Hindalco Industries: Sell at ₹836, Target ₹800, Stop Loss ₹850.
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.