Buy or sell stocks: The key benchmark indices of the Indian stock market traded higher on Tuesday in line with Asian peers, as investors took comfort from progress in the India-US trade talks. Market participants await the US Federal Reserve’s policy decision for further cues. At close, the Sensex added 594.95 points, or 0.73%, to settle at 82,380.69, while the Nifty 50 advanced 169.90 points, or 0.68%, to end at 25,239.10.
On the sectoral front, buying interest was broad-based with Nifty Auto, Realty, IT, and Media emerging as key outperformers, reflecting strong rotational support across high-beta sectors. However, FMCG and Healthcare showed relative underperformance, indicating some profit booking at higher levels. The broader market witnessed healthy participation, too, with the Nifty Midcap 100 gaining 0.54% and the Nifty Small Cap 100 advancing 0.95%, signalling continued strength in the mid-to-small cap space.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market bias is positive as the Nifty 50 index is sustaining above 25,000 levels. However, the key benchmark index faces a hurdle at the 25,250 levels. A decisive breakout above 25,250 to 25,300 will set a fresh positive tone, and we can expect the 50-stock index to touch 25,800 levels soon.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index gained further with a robust move witnessed during the session, improving the bias and arriving near the important hurdle of the 25,250 zone, which needs to be breached decisively to establish conviction and thereafter, anticipate further rise in the coming days. With the sentiment easing out and further developments awaited in the coming days, we can expect a positive move in the indices with the 50-DEMA zone at the 24,800 level positioned as the near-term important support which needs to be sustained as of now.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index, witnessed a decent rise moving past the 55,000 zone ahead of the US Fed meeting outcome which is expected in the coming sessions and as mentioned earlier, would need a decisive move past the 50-DEMA at 55,150 zone to overall improve the bias and thereafter, establish conviction to anticipate for fresh upward move in the coming days. The 53,600 zone shall be positioned as the important support zone from the current rate, which needs to be sustained to maintain the overall bias intact.”
Parekh said that immediate support for the Nifty 50 index is placed at 25,100, while the resistance is at 25,500. The Bank Nifty would have the daily range of 54,700 to 55,700.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended these three buy-or-sell stocks: JSW Infrastructure, HFCL, and Persistent Systems.
1] JSW Infrastructure: Buy at ₹324, Target ₹350, Stop Loss ₹315;
2] HFCL: Buy at ₹75, Target ₹80, Stop Loss ₹73; and
3] Persistent Systems: Buy at ₹5450, Target ₹5700, Stop Loss ₹5350.
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.