Buy or sell stocks: The key benchmark indices of the Indian stock market corrected sharply on Tuesday. The Nifty 50 index corrected by 288 points and ended at 25,424; the BSE Sensex crashed 1,068 points and closed at 82,225; and the Bank Nifty index nosedived 216 points and closed at 61,047.
Among sectors, the IT index lost the most, shedding over 4.45%, whereas, despite weak market sentiment, the Metal index outperformed, rallying over 1%.
stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is precariously placed after the sharp selling on Tuesday. The Nifty 50 index support has now shifted to 25,300.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said the Nifty 50 index witnessing a gap-down opening, tanked once again with heavy profit booking, dragging the index down towards the important 200-period MA at the 25,340 level during the intraday session, with bias shaken and sentiment once again precariously placed with near-term support maintained near the 25300 zone.
“The index as of now has sustained the 200-period MA at 25,340 zone, failing which the bias would turn weak and can trigger further slide in the coming sessions. On the upside, the 25,800 to 25,900 zone is maintained as the resistance barrier as of now, which needs to be breached decisively,” said Vaishali Parekh.
On the outlook for the Bank Nifty today, Parekh said the Bank Nifty index witnessed some erosion, shedding its gains, and closed near the 61,000 zone, with the overall bias still positive, but would need to sustain the important near-term support of the 50-EMA at the 59,900 zone as of now.
“With overall consolidation witnessed, the index continues to maintain the resistance barrier of 61700 level, which needs to be breached decisively above to trigger a fresh upward move in the coming days,” Parekh said.
Vaishali Parekh’s stock recommendations for today
Regarding stocks to buy today, Vaishali Parekh recommended three intraday stocks for today: Jamna Auto, Fortis Healthcare, and Amber Enterprises.
1]Jamna Auto: Buy at ₹141,Target ₹150, Stop Loss ₹136;
2]Fortis Healthcare: Buy at ₹915 ₹930, Stop Loss ₹905; and
3]Amber Enterprises: Buy at ₹7850,Target ₹8200, Stop Loss ₹7780.
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.
