Stock market today: Following the weak global cues, the Indian stock market extended losses for the second consecutive session on Friday, closing decisively lower amid a deepening selloff led by the IT sector. The Nifty 50 ended at 25,471, down 336 points or 1.30%, while the Sensex plunged over 1,000 points, eroding substantial market capitalization in a broad-based risk-off move. In this stock market crash on Friday, the market capitalization of the BSE-listed stocks plunged from ₹472 lakh crore to around ₹465.50 lakh crore, logging an intraday loss of around ₹6.50 lakh crore.
Gold and silver rates today
After the disappointing US CPI print, gold and silver prices opened lower in the early morning Asian session. By 6:40 AM, the COMEX gold rate today is around $5,040/oz, whereas the COMEX silver rate today is around $77/oz.
Speaking on the key levels regarding gold and silver prices today, Anuj Gupta, a SEBI-registered market expert, said, “The COMEX gold rate today is in $4,900 to $5,200 per ounce range, while the COMEX silver rate today is in $70 to 85 per ounce range. The precious metals are under pressure today as the US Dollar (USD) has gained against the major global currencies in the early morning deals.”
USD vs INR
Speaking on the outlook of the USD against the Indian National Rupee (INR), Jateen Trivedi, VP Research — Commodity & Currency at LKP Securities, said, “The Indian Rupee traded slightly weak by ₹0.06 at 90.61 against the dollar, while the dollar index remained flat near 97.00, keeping overall momentum range-bound. Immediate support is near 90.90, while resistance is around 90.25. Following the US inflation outcome, the Indian Rupee could witness a gap opening on Monday, and any decisive break on either side may set the next directional trend.”
FII-DII data
After remaining net buyers for a couple of sessions last week, FIIs turned net sellers on Friday, selling out Indian shares worth ₹Rs 7,395 crore. However, DII remained a net buyer, buying shares worth ₹Rs 5,554 crore.
Outlook for the stock market today
Speaking on the near-term outlook of the Nifty 50 and Sensex today, Amol Athawale, VP Technical Research at Kotak Securities, said, “We believe that the intraday market texture is still on the weak side, but a fresh selloff is possible only if the market dismisses the 20-day SMA (Simple Moving Average) or 25,400/82,500. Below this level, the market could extend the correction to. 25,300/82,200. Further downside may continue, potentially dragging the index to 25,150-25,100/81,700-81,500.”
Athawale said that on the upside, 25,600/83,100 would act as an immediate resistance for the bulls. Above this, a pullback could continue towards the 50-day SMA, around 25,800–25,900/83,700-84,000.”
On the outlook of the Bank Nifty today, Vatsal Bhuva, Technical Analyst at LKP Securities, said, “On Friday, the Bank Nifty slipped below a short-term consolidation range, indicating minor profit booking after the recent upmove. However, the index continues to trade above its 20-day moving average, near 59,700, which remains a crucial short-term support level. Immediate support is seen in the 59,800–59,700 zone, while a stronger base is near 58,800–58,700. The RSI around 54 is flattening, suggesting momentum is placed near 60,800–61,000.”
Stocks to buy today
Regarding stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi; and Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher, recommended these seven intraday stocks for today: Schneider Electric, Blue Star, Bajaj Finance, SAIL, SBI Life, ABFRL, and Kirloskar Oil Engines.
Sumeet Bagadia’s stock picks
1]Schneider Electric: Buy at ₹811.70,Target ₹884, Stop Loss ₹776.
Schneider Electric’s share is currently trading at ₹811.70 after rebounding from a key support zone and breaking above a falling trendline. This breakout is validated by a strong bullish candle along with rising volumes, signaling a potential trend reversal and renewed buying interest.
2]Blue Star: Buy at ₹1997.20, Target ₹2130, Stop Loss ₹1933.
Blue Star’s share price is currently trading at ₹1,997.2 and is displaying strong bullish momentum, supported by a rising price structure. On the weekly timeframe, the stock has closed in the green for the third consecutive week, indicating sustained buying interest.
Ganesh Dongre’s buy or sell stocks
3]Bajaj Finance: Buy at ₹1025,Target ₹1060, Stop Loss ₹1010.
In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests a temporary retracement in the stock’s price, potentially reaching around ₹1060.
4]SAIL: Buy at ₹159,Target ₹166, Stop Loss ₹154.
SAIL’s share price has exhibited a strong, notable, and continuous bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹159 and maintains a strong support at ₹154. The technical setup suggests a potential price retracement towards the ₹166 level.
5]SBI Life: Buy at ₹2035 ₹2100, Stop Loss ₹1980.
SBI Life share has exhibited a strong, notable, continuous bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹2035 and maintaining a strong support at ₹1980. The technical setup suggests a potential price retracement towards the ₹2100 level.
Shiju Koothupalakkal’s intraday stocks for today
6]ABFRL: Buy at ₹73.80, Target ₹80, Stop Loss ₹71.
The stock has witnessed a decent revival from the bottom near the ₹60 zone and, after a short period of consolidation, has once again indicated a positive candle formation with significant volume participation, moving past the 50EMA at ₹72, improving the bias and suggesting a further rise in the coming sessions.
7]Kirloskar Oil Engines: Buy at ₹1379 ₹1450 ₹1350.
The stock has picked up quite well from the bottom made near the ₹1080 zone and is in a strong positive trend. Currently, with significant volume participation, it has further upside potential to anticipate for gains in the coming sessions.
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.
