Buy or sell stocks on 25 March: Following strong sentiment on news of de-escalation in the US-Iran war, the bounced back strongly on Tuesday after a sharp sell-offthe previous session. The Nifty 50 index skyrocketed 445 points or near 2% and closed at 22,958. The BSE Sensex shot up 1,372 points or 1.89% and ended at 74,068. The Bank Nifty index surged 1,305 or 2.54% and finished at 52,743.
Sectoral participation was broadly positive, reflecting a strong recovery across the board. Most major sectors ended in the green, with banking, auto and financials leading the rebound. The recovery was also evident in broader markets, where the mid- and small-cap indices gained over 2.5% each.
Stock market today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Dalal Street undertone has improved, but the Nifty 50 index is facing a hurdle at 23,050. Breaking above this resistance on a closing basis would mean a fresh uptrend in the Indian stock market.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said the key index opened on a strong note with a gap up near the 22900 zone and, amid some volatility, made a low of 22624 for the session & witnessed a bounce back to end on an optimistic note near the 22900 zone, with further gains anticipated in the coming days.
“The Nifty 50 index, if it crosses the 23,050 level, shall further strengthen the trend, expecting a fresh upward move with conviction, having targets of 23,400 and 23,800 levels in the coming days. The level of the 22,500 zone shall be the important support from the current level, which needs to be sustained,” she added.
On the outlook of the Bank Nifty today, Parekh said the index is maintaining the important support zone near the 51,000 zone, which has indicated a significant pullback to end above the 52,500 zone, with the banking & financial stocks indicating prominent positive cues signaling a buy from the oversold zone after a long wait to boost the index, anticipating further gains in the coming sessions.
“The Bank Nifty would need a decisive move past the 53,000 zone to overall improve the bias and thereafter anticipate a fresh upward move in the coming days. Support for the day is seen at 22,500, while resistance is at 23,500. The Bank Nifty would have the daily range of 51,500-54,000 levels,” Parekh added.
Vaishali Parekh’s stock recommendations for today
Regarding , Vaishali Parekh recommended three buy-or-sell stocks for intraday trading: Ambuja Cements, Shipping Corporation of India, and Persistent Systems.
1] Ambuja Cements: Buy at ₹413, Target ₹430, Stop Loss ₹408;
2] Shipping Corporation of India: Buy at ₹226, Target ₹238, Stop Loss ₹218; and
3] Persistent Systems: Buy at ₹4910, Target ₹5150, Stop Loss ₹4850.
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.