Buy or sell stocks: Escalating global geopolitical uncertainties and skyrocketing crude oil prices kept investor sentiment subdued. The Indian stock market remained volatile and under sustained selling pressure last week. The Nifty 50 index finished at 24,450, logging a weekly loss of 2.90%. The BSE Sensex crashed from 82,248 to 78,918, recording a weekly loss of 3,330 or over 4%. The Bank Nifty index nosedived from 60,529 to 57,783, logging a weekly loss of 2,746 or 4.53%.
The week was marked by sharp mid-session declines, driven by the intensifying US–Iran war, which disrupted tanker traffic through the Strait of Hormuz amid heightened security concerns and tighter insurance restrictions, pushing crude oil prices sharply higher. The Strait of Hormuz remains a critical artery for the Asian economy, particularly for major oil-importing nations such as India and China, as a significant share of global crude supply flows through this route. Any prolonged disruption to shipping activity along this corridor could materially influence inflation dynamics across Asia.
stock market today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the undertone of the Indian stock market is weak as there are no signs of de-escalation in the US-Iran war. The Prabhudas Lilladher expert said the Nifty 50 index would need to sustain crucial support at 24,300 to keep alive the hopes of a trend reversal.
Speaking on the outlook for the Nifty 50 today, Vaishali Parekh said the Nifty 50 index, amid ongoing geopolitical tensions with no sign of de-escalation, witnessed another round of profit booking in the final hours, closing near the 24,450 zone, with bias and sentiment still very cautious.
“The index would need to sustain the important and crucial support of 24,300 zone in the coming sessions and thereafter, needs to establish conviction and clarity to anticipate further upward movement with 25,200 level as the important zone, which needs to be breached to improve the bias,” Vaishali Parekh said.
On the outlook for the Bank Nifty today, Vaishali Parekh of Prabhudas Lilladher said the Bank Nifty index tanked, moving below the 58,000 zone, further weakening the bias, as most frontline banking stocks witnessed heavy profit booking, dragging the index. Sentiment is now maintained with a cautious approach.
“The index would need to sustain the important 200-period MA at the 57,500 level and have the near-term support at the 57,300 zone. One would need to wait and watch for further developments in the coming days to establish some conviction and clarity,” Parekh added.
Vaishali Parekh’s stock recommendations for today
Regarding intraday stocks for today, Vaishali Parekh recommended these three buy-or-sell stocks for intraday trading: Canara Bank, HAL, and Castrol India.
1]Canara Bank: Sell at ₹147, Target Rs, Stop Loss ₹ 150;
2]HAL: Buy at ₹3960 ₹4200, Stop Loss ₹3900; and
3]Castrol India: Buy at ₹185 ₹190, stop loss ₹182.
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.
