Buy or sell stocks: The Indian stock market ended lower for the fourth straight session on Monday. Among the key benchmark indices, the Nifty 50 index finished 100 points lower at 25,942, the BSE Sensex shed 345 points and closed at 84,695, while the Bank Nifty index went off 79 points and closed at 58,932. The Nifty 50 Futures lost 104 points and closed at 25,955. Among sectors, the Media Index gained 0.75%, while the Consumer Index lost the most, shedding nearly 1%. The witnessed financial bloodbath on Monday, as bullions and cryptocurrencies also witnessed strong selling.
Gold prices on MCX corrected around 5,000 and finished at ₹1,34,887 per 10 gm. MCX silver rates finished 529 lower 2,23,900 per kg, 30,274 down from the new peak of 2,54,174 it had made in the early morning dealings on Monday. The primary cryptocurrency, Bitcoin, also witnessed strong profit-booking as its price slipped from 78,90,017 to 78,35,321, approximately 55,000 below its close on Sunday.
stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment has slightly weakened after participatory selling on Monday. The Nifty 50 index finished below 26,000 and inched closer to its crucial 50-day EMA support, placed at 25,850. To strengthen the bull’s conviction, the 50-stock index needs to break above 26,250 on a closing basis.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index continues to slip down, extending the losses for the 3rd consecutive session, moving below the 26,000 zone, with bias slightly weakening along the broader markets, also subjected to profit booking and witnessing some slide. The index would have the crucial support positioned near the 50EMA level at. 25,850 zone, as mentioned earlier, and with the calendar year coming to an end, the activity has slowed down and on the upside, the index needs to clear the near-term hurdle at 26,250 level to trigger fresh upward.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index once again witnessed a lacklustre session with sluggish movement visible and low participation among the banking stocks, overall to continue with the consolidation period which has been going on for quite some time, having the support maintained strong near the 58,700 zone as mentioned earlier. On the upside, the index would desperately need a decisive breach above the 59,800 level to trigger a fresh upward move in the coming days.”
Parekh stated that immediate support for the Nifty 50 index is located at 25,800, while the resistance level is at 26,200. The Bank Nifty is expected to have a daily range of 58,600 to 59,400.
Vaishali Parekh’s stock recommendations today
Regarding intraday stocks for today, Vaishali Parekh recommended three buy-or-sell stocks: IOC, Ashok Leyland, and Max Healthcare.
1]IOC: Buy at 162,Target 167, Stop Loss 157;
2]Ashok Leyland: Buy at 176,Target 183, Stop Loss 172; and
3]Max Healthcare: Sell ​​at 1067 1045, Stop Loss 1073.
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.
