Buy or sell stocks: Following the weak global market sentiments after the fall in the US stock market, the Indian stock market witnessed intense sell-off pressure on Thursday. On Wednesday, all three major Wall Street indices posted their most considerable daily losses in a month. The Nifty 50 index crashed 203 points and closed at 24,609. The BSE Sensex nosedived 644 points and finished at 80,951, while the Bank Nifty index ended 133 points lower at 54,941.
There was broad-based selling in the Indian market, with the Nifty Midcap100 and Smallcap100 indices ending with losses of 0.5% and 0.3%, respectively. All sectoral indices ended in the red, with FMCG and IT being the weakest performers, ending with losses of over 1% each.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market bias is still positive, as the Nifty 50 index finished above 24,500. Prabhudas Lilladher went on to add that the Nifty 50 has crucial support at 24,050.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 with a gap down opening session witnessed a volatile session and breached below the important support of 24500 zone but managed to recover in the final hours to close the session near 24600 level with bias still maintained positive overall. The index would need to sustain above the 24500 zone, failing which the next crucial support would be the 200 period MA at around the 24000 level. On the upside, a decisive breach above the 25000 zone is necessary to trigger a fresh upward move in the coming days.”
“The Bank Nifty index continues to hover near the 55000 zone with no major directional move witnessed for quite some time and, as mentioned earlier, is gripped between the 55700 and 54400 levels, which needs to be breached on either side to trigger a fresh directional move. The overall bias is cautiously positive, with most frontline banking stocks finding consolidation. The overall bias remained positive,” said Parekh.
Parekh went on to add that support for the Nifty today is at 24450, while resistance is at 24,800. The Bank Nifty would have a daily range of 54,500 to 55,600.
Vaishali Parekh’s stock recommendations
Regarding stocks to buy today, Vaishali Parekh recommended these three buy or sell stocks: Rainbow Children’s Medicare, Clean Science and Technology, and GMR Airports.
1] Rainbow Children’s Medicare: Buy at ₹1350, Target ₹1420, Stop Loss ₹1320;
2] Clean Science and Technology: Buy at ₹1314, Target ₹1400, Stop Loss ₹1260; and
3] GMR Airports: Buy at ₹88, Target ₹96, Stop Loss ₹85.
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.
