Buy or sell stocks: slipped further into risk-off territory overnight, with the Dow Jones dropping over 550 points and the Nasdaq extending its tech-led decline ahead of key quarterly results from major retailers and chip giant Nvidia, as well as the long-delayed US jobs data due on November 20. Asian equities opened sharply lower, with the Nikkei, Kospi and Taiwan indices witnessing broad-based corrections. Rising US bond yields, stretched valuations in global tech, and pockets of sticky inflation continue to keep investor sentiment fragile, reinforcing a cautious tone across global markets.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is positive as the Nifty 50 index has inched close to 26,000. The index appears poised to reach 26,277. Upon breaking above this previous peak, the 50-stock index may establish a fresh bullish trend tone on Dalal Street.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index surged ahead during the session to close above the 26000 zone with bias getting stronger and can expect further rise in the coming days with the index almost ready to retest the previous peak zone of 26277 level with the undertone maintained strong. As mentioned earlier, the index would have the important near-term support at the 25,700 level, which needs to be sustained to maintain the overall bias intact, and upside we have the next targets of 26300 and 26700 levels anticipated.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index finally witnessed a convincing breakout above the tough hurdle at the 58,600 level with a gap-up opening and remained stable for the rest of the session to enter a new territory with bias getting strong except for a fresh upward move in the coming sessions. The index would have the important and major support positioned near the 50-DEMA at the 57,000 level, which needs to be sustained and is expected to reach higher targets of 60,500 and 63,000 levels in the coming days.”
Parekh stated that immediate support for the Nifty 50 index is located at the 25,900 level, while resistance is seen at 26,200. The Bank Nifty is expected to have a daily range of 58,600 to 59,600.
Vaishali Parekh’s stock recommendations today
Regarding , Vaishali Parekh recommended three — Paytm, Sundram Fasteners, and IRCON International.
1] Paytm: Buy at ₹1325, Target ₹1360, Stop Loss ₹1290;
2] Sundram Fasteners: Buy at ₹960, Target ₹1000, Stop Loss ₹945; and
3] IRCON International: Buy at ₹167, Target ₹175, Stop Loss ₹162.
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.