Buy or sell stocks: The Indian benchmark indices Sensex and Nifty closed lower for the second consecutive week on Friday, as foreign investors turned net sellers and cautious global cues weighed on indices.
Despite progress in the , the sentiment remained subdued, with benchmarks Sensex and Nifty declining by over 0.80% during the truncated market week.
Nifty 50 fell 0.07% to 25,492.30, while the BSE Sensex slipped 0.11% to 83,216.28 points.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the bias will improve once the benchmark Nifty 50 index crosses 25,750. The analyst expects further gains as the broader market is exhibiting a decent recovery and the index has a strong base at 25,300.
Commenting on the key levels for Nifty 50, Parekh said that Nifty, after witnessing a weak morning session, recovered strongly after hitting the low near the important 50EMA at the 25320 zone to overall improve the sentiment and bias, expecting to carry on with the same optimistic approach in the coming sessions.
“The index would need to move past the 25750 zone to improve the bias and establish conviction for further rise, having targets of 26100 and 26500 levels expected. With the broader markets also recovering significantly and with support maintained near the 25300 level, we expect further gains for the index,” said Parkeh.
Commenting on the index, Parekh said that a strong bounce back from 57160 and a close above 57800 indicate, along with active participation from the PSU banks, that the follow-through action of the index is likely.
“As said earlier, a decisive breach above the tough resistance zone of 58500 level is much needed to expect for fresh upward move in the coming days, having further higher target of 60000 level, with downside support positioned near the 50EMA at 56500 level which needs to be sustained,” said the Prabhudas Lilladher analyst while commenting on key Bank Nifty levels to watch.
The support for the day is seen at 25350 levels, while the resistance is seen at 25700 levels, with Bank Nifty expected to have the daily range of 57500-58500 levels, according to Parekh.
Vaishali Parekh’s stock recommendations today
Regarding intraday stocks for today, Vaishali Parekh of Prabhudas Lilladher recommends three stocks to buy: , and .
1. Belrise: Buy at ₹149 | Target at ₹160 | Stop loss at ₹144
2. Apeejay Surrendra Park Hotels: Buy at ₹147 | Target at ₹152 | Stop loss at ₹143
3. GRSE: Buy at ₹2560 | Target at ₹2800 | Stop loss at ₹2450
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.