Buy or sell stocks: The continues to trade under the shadow of rising geopolitical tensions in the Middle East due to the , which is keeping crude oil prices elevated. Higher energy prices are increasing pressure on India’s import bill and inflation outlook, thereby sustaining a cautious undertone in investor sentiment. Heavy FPI outflows are exerting additional pressure on the local currency, further dampening market confidence.
In the , the US stock market ended the previous session on a firm note, while South Korea’s Kospi index is trading sharply higher, gaining more than 10%, offering some supportive external cues. However, despite pockets of global strength, domestic sentiment remains fragile and highly sensitive to geopolitical developments. Volatility is therefore expected to remain elevated, with markets likely to trade cautiously and within a defined range until clearer macro signals or any easing in geopolitical tensions emerges.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the positive trend of the Indian stock market will remain intact until the Nifty 50 is above 24,200. The Prabhudas Lilladher expert said that Nifty 50 breaching this crucial support decisively would signal intensified selling on Dalal Street.
Speaking on the outlook for the Nifty 50 today, Vaishali Parekh said the index opened lower on weak global cues. The index made a low near the 24,300 zone, from which a bounce back of almost 300 points was witnessed, ending near the 24,500 zone.
“Once again we maintain our view that the crucial support zone of the 24,200 level needs to be sustained to keep the positive trend intact, failing which one can expect further intensified selling pressure from the counters, with the 23,800 level positioned as the next major support, while a decisive close above the 25,000 zone would establish some conviction, and thereafter, expect a further rise in the coming days,” Parekh said.
On the outlook for the Bank Nifty today, Parekh said the Bank Nifty witnessed some erosion in the morning session but consolidated & bounced thereafter to end near the 58800 zone, with the bias weakening and needing a revival in the coming sessions to expect a decent pullback.
“The index has the important 200-period MA at the 57,500 level, which would be the next support zone and would need to be sustained, whereas on the upside, a decisive breach above the 50-EMA zone at the 60,000 level is much needed to improve the bias, and thereafter, expect further rise,” Parekh added.
Vaishali Parekh’s stock recommendations for today
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks for intraday trading: Hindustan Oil Exploration Company, MRPL, and Sai Life Sciences.
1] Hindustan Oil Exploration Company or HOEC: Buy at ₹145, Target ₹160, Stop Loss ₹140;
2] MRPL: Buy at ₹185, Target ₹200, Stop Loss ₹180; and
3] Sai Life Sciences: Buy at ₹980, Target ₹1050, Stop Loss ₹960.
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.