Buy or sell stocks: After witnessing profound weakness, the Indian stock market staged a strong rebound on Monday. The key benchmark indices snapped a five-day losing streak and finished higher on optimism surrounding the India-US trade deal. The Nifty 50 index gained 106 points and closed at 25,790, the BSE Sensex shot up 301 points and closed at 83,878, while the Bank Nifty index finished 198 points higher at 59,450.
Sectoral performance was mixed, with realty and pharma under pressure, while buying interest emerged later in the session in metals, financials, and FMCG stocks, which helped stabilise the market. Mid-cap and small-cap indices also recovered from early weakness to end broadly flat.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment has improved after the strong recovery on Monday. The Nifty 50 index ended green after slipping below the 25,500 mark, which signals that the key benchmark index didn’t respect the crucial 20-DEMA support placed at 25,530. The index now has vital support placed at 25,000. On the upper side, the 50-wstock index is facing a hurdle at 25,900.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index witnessed a volatile session with the initial half sliding down to extend the losses with weak cues to hit the low near 25,475 zone thereafter, to surge ahead strongly to recover the intraday loss and closed in the green near 25,800 level in anticipation of some positive cues from the Indo-US tariff talks. The index would have the major and crucial support positioned near the important 200-period MA at 25,000 zone, as mentioned earlier, and on the upside would need to breach above the important 50EMA level at 25,900 zone to improve the bias overall.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index, witnessing a weak morning session, slipped further to hit the important 50-DEMA level at 58,900 zone and thereafter, witnessed a strong bounce back to race ahead and close in the green near the 59,450 level to improve the bias to some extent. The index has so far sustained near the important near-term support of 58,800 zone to maintain the overall bias intact and on the upside, as said earlier, would need a decisive close above the 60,000 zone to trigger a fresh upward move in the coming days.”
Parekh stated that immediate support for the Nifty 50 index is located at 25,650, while the resistance level is at 26,000. The Bank Nifty is expected to have a daily range of 59,000 to 60,000.
Vaishali Parekh’s stock recommendations for today
Regarding intraday stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: IndusInd Bank, NMDC, and Oil India Ltd.
1] IndusInd Bank: Buy at ₹905.45, Target ₹950, Stop Loss ₹884;
2] NMDC: Buy at ₹81.75, Target ₹86, Stop Loss ₹80; and
3] Oil India Ltd: Buy at ₹425.60, Target ₹445, Stop Loss ₹416.
Gold, silver rates today
Gold and silver prices in the international market steadied on Tuesday after surging to record high levels in the previous session on worries over the Federal Reserve’s independence as the Donald Trump administration threatened the central bank with a criminal indictment.
Spot gold price eased to near $4,588 an ounce after jumping 2% in the previous session. Silver prices dropped 1.2% after surging by more than 6% on Monday.
MCX gold and silver prices also hit record highs, tracking a rally in international bullion prices. A weak US dollar supported the bullion prices after uncertainty deepened over a Trump administration criminal probe into Federal Reserve Chair Jerome Powell. MCX gold rate gained over 2% to near ₹1.42 lakh per 10 grams, while MCX silver price jumped more than 6% to above ₹2.68 lakh per kg.
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.
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