Buy or sell stocks: On account of FII outflows, weak Q3 earnings trends—especially in IT and consumption sectors, continued weakness in the Indian Rupee, and renewed fear of Trump’s Greenland tariffs on NATO countries, the Indian stock market finished lower after logging strong gains during the first half of trade during the Friday session. The Nifty 50 index finished 241 points lower at 25,048, the BSE Sensex today crashed 769 points and closed at 81,537, whereas the Bank Nifty index nosedived 727 points and ended at 58,473.
Stock market today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is weak, as the Nifty 50 index has broken below the 200-DEMA support at 25,100 and is unable to sustain at higher levels. The Choice Broking expert said the Nifty 50 price action suggests selling pressure at higher levels and a lack of follow-through buying.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index, once again, indicated a big bearish candle with heavy selling pressure witnessed on the back of weak global cues to end the session near the low at 25,050 level with bias and sentiment maintained with a very cautious approach as of now. The index would have psychological support near the 25,000 zone; failing which, it could trigger intensified selling pressure, with the trend turning weak, and the next support positioned near the 24,400 zone. On the upside, a decisive breach above the 25500 level is necessary to establish conviction and clarity.”
On the outlook of the Bank Nifty today, Parekh said, “The Bank Nifty index once again tanked below the important 50-EMA level at 59,000 zone to weaken the bias, and with a huge bearish candle formation on the daily chart, has ended near the low, breaking below the important support at 58,800 level. The index would have the next major and crucial support near the important 200-period MA at 56,600 zone, and on the upside, would need a decisive move past the 100-period MA at 59,500 zone to expect some stability and conviction for the coming days.”
Parekh stated that immediate support for the Nifty 50 index is located at 24,900, while the resistance level is at 25,300. The Bank Nifty is expected to have a daily range of 58,000 to 59,000.
Vaishali Parekh’s stock recommendations for today
Regarding intraday stocks to buy today, Vaishali Parekh recommended three stocks to buy or sell: Sanathan Textiles, Oracle Financial Services Software or OFSS, and Lupin.
1] Sanathan Textiles: Buy at ₹425, Target ₹450, Stop Loss ₹415;
2] OFSS: Buy at ₹7850, Target ₹8200, Stop Loss ₹7800; and
3] Lupin: Buy at ₹2138, Target ₹2200, Stop Loss ₹2090.
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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