Buy or sell stocks: The key benchmark indices of the Indian stock market extended gains for the fourth session amid strong global cues. Investor sentiment remained buoyed by reports of a streamlined Goods and Services Tax (GST) structure, expected to boost spending and fuel consumption. The Nifty 50 index started the session flat; however, it gained momentum as the session progressed to form an intraday high of 25,012 in the mid-session. The 50-stock index thereafter consolidated in a range to close just below the 25,000 levels. At close, the Sensex was up 370 points or 0.46% at 81,644, and the Nifty was up 103 points or 0.42% at 24,980.
Among sectors, except pharma, all other sectoral indices ended in the green, with telecom, FMCG, media, auto, and oil and gas up 1%- 2% each. The Nifty midcap 100 and small cap 100 indices rose 0.97% and 0.7%, respectively.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment improved as the Nifty 50 index closed above 50-DEMA resistance at 24,815 levels. A decisive breakout above 25,100 would inject a fresh bull trend on Dalal Street.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index has regained strength after witnessing two sessions of winning streaks from the close above the 50-DEMA level of the 24,800 zone and has retested the 25,000 level once again, expecting further rise in the coming sessions. With the undertone maintained positive along with the broader markets indicating active participation, the index is maintained positive, and as mentioned earlier, once the recent peak of the 25,100 zone is breached decisively, we can anticipate higher targets of the 25,200 and 25,300 levels in the coming days. As mentioned earlier, the crucial support zone would be positioned near the 24,800 level, which needs to be sustained.”
On the outlook of the Bank Nifty today, Parekh said, “The Bank Nifty index continues to oscillate between the narrow range of the 56,000 zone, which is acting as a tough hurdle, and on the downside is supported by the 55,500 zone, which needs to be sustained to keep the positive bias intact. A decisive breach above the 56,000 level shall trigger a fresh upward move with targets of 56,500 and 57,000 levels achievable in the coming sessions.”
Parekh said that immediate support for the Nifty 50 index is 24,800, while the resistance is 25,100. The Bank Nifty would have the daily range of 55,400 to 56,500.
Vaishali Parekh’s intraday stocks to buy today
Regarding intraday stocks to buy today, Vaishali Parekh recommended these three shares: UPL, L&T Finance, and Exide Industries.
1] UPL: Buy at ₹707, Target ₹750, Stop Loss ₹690;
2] L&T Finance: Buy at ₹217, Target ₹535, Stop Loss ₹210; and
3] Exide Industries: Buy at ₹393, Target ₹420, Stop Loss ₹383.
Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not Mint. We advise investors to check with certified experts before making any investment decisions.