Stock market today: The key benchmark indices of the Indian stock market looks set for a cautious start today after Wall Street closed lower for a second consecutive session overnight. Only pockets of AI-linked stocks held up, while surging crude oil prices and a sharp rise in the 10-year U.S. Treasury yield, which reached its highest level in nearly two decades, weighed on sentiment amid inflation concerns linked to the energy shock. The Gift Nifty live chart is trading above yesterday’s spot Nifty close but around its previous close.
What Gift Nifty Live chart signalling?
The Gift Nifty live chat is trading around 23,225, which is around 100 points above yesterday’s spot Nifty 50 close, but around its previous close.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market may have a gap-up opening but the bias on Dalal Street would continue to remain cautious until the 50-stock index decisively breaks above 23,800.
Stock market today
Speaking on the outlook for the Nifty 50 today, Vaishali Parekh said, the 50-stock index opened on a strong note near 23,550 zone but thereafter, fizzled out with heavy profit booking witnessed as the day progressed and closed near the 23,100-zone forming a huge bearish engulfing candle with bias and sentiment maintained with a very cautious approach as of now.
“The Nifty 50 index would need a decisive move above the 23,800 zone to establish conviction and thereafter, only can expect for further follow through of the positive move whereas, on the downside, the 23,000 zone would be the important and crucial near-term support which needs to be sustained,” said Parekh.
On the outlook of the Bank Nifty today, the Prabhudas Lilladher expert said, the key benchmark index opened with a huge gap up near the 56,900 zone and with heavy profit booking seen erased the gains to end up the session in the red near 55,800 zone with a bearish candle visible on the daily chart weakening the bias and sentiment.
“The Bank Nifty index would have the important support near the 54,500 level while on the upside the 50-EMA at 57200 level shall be the important hurdle which needs to be breached decisively to establish conviction,” she said.
Vaishali Parekh’s stock recommendations for today
Vaishali Parekh recommends three stocks to buy-or-sell: REC, Dabur India, and HUL.
1] REC: Sell at ₹310 | Target ₹290 | Stop Loss ₹316;
2] Dabur India: Buy at ₹383 | Target ₹405 | Stop Loss ₹370; and
3] HUL: Buy at ₹1938 | Target ₹2020 | Stop Loss ₹1890.
Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions.
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