Buy or sell stocks: The is likely to remain under sustained selling pressure as global risk appetite deteriorates following the widening Israel–US–Iran war across the Middle East. Disruptions to trade flows through the Strait of Hormuz, driven by heightened security risks and rising insurance restrictions, have triggered a sharp surge in crude oil prices, amplifying inflation and supply concerns.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is weak. The Prabhudas Lilladher expert said the index has crucial support placed at 24,500. Breaking below this support would mean further sell-off in the Indian stock market.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said the Nifty 50 index witnessed a huge gap-down opening, hitting the intraday low near the previous major low of 24570 level, on the back of intensified global tensions in the Middle East, with sentiment maintained with a very cautious approach as of now.
“The index would have the crucial support of 24,500 zone, failing which can drag till 24,200-24,300 levels, which needs to sustain to maintain the overall trend intact. Thereafter, the previous year’s March low of around 22,000 zone would be the major support in the worst-case scenario, which can be retested if any further escalations are triggered in the coming days,” said Parekh.
The Prabhudas Lilladher expert said the Bank Nifty index plunged heavily, opening with a gap down below the important 50-EMA level at 60,000, weakening the bias and sentiment and shattering anticipation of a further slide, with the 57,800 level as the next important support for the index.
“The important 200-period MA lies at the 57,500 zone, which would be the crucial support to be watched for in the coming days, with the overall current scenario maintained with a cautious approach as of now,” said Parekh.
Vaishali Parekh’s stock recommendations for today
Regarding , Vaishali Parekh recommended three for intraday trading — Anand Rathi Wealth, Sagility India, and Crompton Greaves.
1] Anand Rathi Wealth: Buy at ₹3132, Target ₹3350, Stop Loss ₹3050;
2] Sagility India: Buy at ₹38, Target ₹42, Stop Loss ₹37; and
3] Crompton Greaves: Buy at ₹253, Target ₹265, Stop Loss ₹248.
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.