Aniket PujariBuy or sell stocks: After showing a strong bull trend on Tuesday, the Indian stock market remained sideways to positive on Wednesday. The Nifty 50 index ended 48 points higher at 25,776, while the BSE Sensex ended 79 points higher at 83,817. The Bank Nifty index finished 196 points higher at 60,238. Among sectors, the Consumer, Oil, and Gas indices rallied by more than 2%, whereas the IT index corrected sharply, shedding nearly 6%.
Stock market today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment has turned positive, as the Nifty 50 index is sustaining above the 50-DEMA support at 25,650. The Prabhudas Lilladher expert said the 50-stock index is now finding a hurdle at the 26,200 to 26,300 band.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index witnessed consolidation, having a range-bound session between 25800 and 25700 levels for the entire session, with bias maintained with a cautiously positive approach as of now. As mentioned earlier, the index currently sustaining above the important 50-DEMA at 25,650 would have the resistance band at 26,300-26,200on the upside, whereas on the downside, the 25,400 zone would be the important support zone, which needs to be sustained for the overall trend to remain intact.”
On the outlook of the Bank Nifty today, Parekh said, “The Bank Nifty index, since the last two sessions, is hovering near the 60,200 zone with very narrow movement visible, finding consolidation as of now and would need to move past the resistance zone of 60,400 level to trigger for further fresh upward move in the coming days. The overall bias is currently maintained with a cautiously positive approach and would need to sustain above the 50-DEMA level at 59,100, as of now, and would have important support positioned near the 58,000 zone.”
Parekh stated that immediate support for the Nifty 50 index is located at 25,500, while the resistance level is at 26,000. The Bank Nifty is expected to have a daily range of 59,600 to 61,000.
Stocks to buy today
Regarding stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for intraday trading: Sarda Energy, Gandhar Oil Refinery, and PNB Housing Finance.
1] Sarda Energy: Buy at ₹521, Target ₹550, Stop Loss ₹508;
2] Gandhar Oil Refinery: Buy at ₹151.45, Target ₹162, Stop Loss ₹148; and
3] PNB Housing Finance: Buy at ₹850, Target ₹895, Stop Loss ₹832.
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.
