Buy or sell stocks: Following positive global cues after the US Supreme Court’s decision on Trump’s tariffs, the Indian stock market extended its momentum on Monday. The Nifty 50 index rose 141 points to close at 25,713; the BSE Sensex surged 479 points to 83,294, while the Bank Nifty index finished 92 points higher at 61,264.
Among sectors, the PSU Bank index outperformed, rallying 1.35%, whereas the IT index lost the most, shedding over 1.5%.
stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market bias is cautiously positive. The Prabhudas Liplladher expert said the Nifty 50 index is facing a hurdle at 26,000. On breaking above this resistance, the 50-stock index may soon touch 26,300.
Speaking on the Nifty 50 index today, Vaishali Parekh said the index has been in a consolidation, hovering between the 200-period MA at 25,330 and the 26,000 zone, for the last 2-3 weeks, with a bias overall maintained at a cautiously positive approach. A decisive breach above the 26,000 zone shall establish conviction and trigger a further rise towards the initial target of 26,300.
“On the downside, the major and crucial support would be maintained near the 24500 zone, which needs to be sustained to maintain the overall trend intact,” Vaishali Parekh said.
On the outlook for the Bank Nifty today, Parekh said the Bank Nifty index is well positioned, with the overall bias maintained strong, and is near the all-time high level of 61,700, with near-term support near the 50-EMA at 59,800, which needs to be sustained to maintain the bias intact.
“Currently, the index has maintained the rising uptrend with the important and major support positioned near the 200-period MA at the 57,300 level,” said Parekh.
Parekh said that support for the day is seen at 25600, while resistance is at 25900. BankNifty would have a daily range of 60700-61700.
Vaishali Parekh’s stock recommendations for today
Regarding stocks to buy today, Vaishali Parekh recommended three intraday stocks: RVNL, Premier Energies, and JSL.
1]RVNL: Buy at ₹319,Target ₹340, Stop Loss ₹313;
2]Premier Energies: Buy at ₹770 ₹790, Stop Loss ₹760; and
3]JSL: Buy at ₹780 ₹820 ₹770.
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.
