Buy or sell stocks: Following the uncertainty surrounding global trade developments, the witnessed selective profit-booking and finished flat on Thursday. The index added 22 points and closed at 25,891. The BSE gained 130 points and closed at 84,556, while the Bank Nifty index finished 70 points higher at 58,078. Among sectors, the IT index outperformed on the previous session, rallying over 2%. This could become possible due to US President Donald Trump’s more conciliatory tone on the H-1 B visas.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is positive despite profit-booking on Thursday. The Prabhudas Lilladher expert said the 50-stock index is in the range of 25,900 to 26,300. A bullish or a bearish trend can be assumed on the breakage of either side of this range.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index witnessed a strong gap-up opening above the 26,000 zone and surged ahead to scale the 26,100 level, finding resistance, and the post-lunch session witnessed profit booking to end near the 25,900 zone with a positive bias overall. With the undertone maintained strong, the index is almost near to retest the previous peak zone of 26300 level and would have the important support positioned near the trendline zone at 25400 level, as mentioned earlier, which needs to be sustained to carry on with the positive trend further ahead.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index witnessed a positive gap-up opening to continue with the positive uptrend and scaled the high of 58,577 level during the intraday session and thereafter, in the second half, slipped with profit booking seen to close near the 58,100 zone with bias and sentiment maintained intact. The index would have the near-term support at the previous consolidation zone at the 57,300 level, which needs to be sustained, and on the upside, can expect the next targets of 59,700 and 60,500 levels in the coming days.”
Parekh stated that immediate support for the Nifty 50 index is located at the 25,750 level, while resistance is seen at 26,100. The Bank Nifty index is expected to have a daily range of 57,600-58,600.
Vaishali Parekh’s stock recommendations today
Regarding stocks for today, Vaishali Parekh recommended the following three intraday stocks: Piramal Pharma, Adani Energy, and Trent.
1] Piramal Pharma: Buy at ₹203, Target ₹215, Stop Loss ₹199;
2] Adani Energy: Buy at ₹950, Target ₹980, Stop Loss ₹935; and
3] Trent: Sell at ₹4780, Target ₹4680, Stop Loss ₹4830.
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.