Aniket PujariBuy or sell stocks: The Indian market benchmarks, the Sensex and Nifty 50, slipped for a second straight session on Tuesday, December 9, as global uncertainty ahead of the US Federal Reserve’s policy announcement weighed on sentiment.
The Sensex fell 436 points, or 0.51%, to close at 84,666.28, while the Nifty 50 declined 121 points, or 0.47%, to finish at 25,839.65. In contrast to the headline indices, mid- and small-cap stocks staged a recovery and outperformed; the BSE Midcap index rose 0.60%, and the Smallcap index gained 1.27%.
Sector-wise performance remained mixed. Nifty Consumer Durables advanced 1.31%, PSU Bank climbed 1.29%, Realty added 0.95%, and Media gained 0.70%, all bucking the broader decline. On the downside, Nifty IT dropped 1.19%, while Auto slipped 0.72% and Financial Services fell 0.50%, emerging as the day’s major laggards.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, stated that Nifty having a negative opening session on the back of weak cues from the global front.
On Nifty outlook, Parekh said, “The index made a low near the important 50EMA level at 25730 zone from whereon a significant recovery was witnessed to erase most of the major losses to end near the 25850 zone, with the broader markets visibly indicating a strong bounce back to improve the sentiment to some extent. The index would need a decisive close above the 26000 zone to establish some conviction and thereafter, expect for further rise in the coming days.”
Meanwhile, on the outlook of Nifty Bank index, she stated, “Bank Nifty after opening with a gap down near 58900 zone, witnessed a decent bounce back to touch the 59350 level and ended on a flat note erasing the losses, anticipating for some positive move in the coming sessions. The index once again gripped between a narrow range, would have the near-term support at 58800 level, whereas, on the upside a decisive breach above the 60100 zone is much needed to break out of the range and thereafter, expect for higher targets of 61300 and 63000 levels in the coming days.”
Parekh stated that the support for the day is seen at 25700 levels, while the resistance is seen at 26000 levels. Bank Nifty would have the daily range of 58800-59800 levels.
Vaishali Parekh’s intraday picks
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks for intraday trading: Texmaco Rail & Engineering, Kabra Extrusion Technik, Fortis Healthcare.
1] Texmaco Rail: Buy at ₹126, Target ₹135, Stop Loss ₹122;
2] Kabra Extrusion: Buy at ₹228, Target ₹240, Stop Loss ₹222; and
3] Fortis Healthcare: Buy at ₹865, Target ₹885, Stop Loss ₹855.
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.
