Buy or sell stocks: The key benchmark indices of the Indian stock market witnessed sharp selling last week. The Nifty 50 index ended 2.37% lower, while the BSE Sensex was down by 2185 points. Among sectors, the Defense index gained 1.30%, whereas India Tourism, Oil & Gas, and Energy indices shed over 5%. NSE cash market turnover was lower by 2% compared to the previous session.
The pain was even more pronounced in the broader space where the Nifty Mid-cap 100 Index slipped 0.79% while the Nifty Small-cap 100 plunged 1.81%. This led to a sharp deterioration in market breadth, as decliners outpaced advancers. The BSE advance-decline ratio stood at 0.34, signaling a continuation of selling across mid and small-cap stocks.
stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment has turned nervous as the Nifty 50 index further corrected after breaking below the 50-DEMA support of 25,900 and came close to the 20-DEMA support placed at 25,530.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index witnessed another session of heavy profit booking to tank further, breaching the 25700 zone with bias and sentiment getting into a nervous situation with the next major and crucial support positioned near the important 200-period MA at the 25000 zone. With anxious movement creeping in, the index is precariously placed with immediate support. maintained near the 100-period MA at the 25500 level, which needs to be sustained as of now, failing which there can be further intensified selling pressure.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index slipped further during the session with profit booking seen among the major frontline banking stocks during the session to end near the low at 59,250 level, weakening the bias and sentiment. The index would have the important near-term support at the 58,700 zone, which needs to be sustained to maintain the overall bias intact. Failing which, it shall trigger further slide, with the next major support near the important 200-period MA at the 56,300 zone.”
Parekh stated that immediate support for the Nifty 50 index is located at 25,500, while the resistance level is at 25,900. The Bank Nifty is expected to have a daily range of 58,700 to 59,700.
Vaishali Parekh’s stock recommendations today
Regarding intraday stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: Tata Capital, IGL, and OIL.
1]Tata Capital: Buy at 355 375, Stop Loss 345.
The stock is already in a bull trend, and the chart pattern suggests that the next round of upside momentum is likely to follow.
2]IGL: Buy at 186,Target 192, Stop Loss 182.
The stock has formed a double bottom at 180 and appears poised for an upside movement based on the technical chart pattern.
3]OIL: Buy at 420 440, Stop Loss 410.
The PSU stock is close to its support level, placed at 410, and the chart pattern suggests a trend reversal.
Gold and silver rates today
Gold and silver prices in the international market surged to a record high on Monday, following a weak US dollar after the US Justice Department threatened the Federal Reserve with a potential criminal indictment, while geopolitical tensions remained elevated amid intensifying protests in Iran.
Silver rates today opened with an upside gap and touched an intraday high of $83.880 per ounce within a few minutes of the Opening Bell, which turned out to be its new peak, eclipsing the previous peak of $82.670 per ounce.
Likewise, gold rate today opened with an upside gap and touched an intraday high of $4,612.40 per ounce within a few minutes of the Opening Bell, which turned out to be its new peak.
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.
