Buy or sell stocks: Ahead of the weekly expiry, the Indian stock market ended higher on Thursday. The Nifty 50 index ended 130 points higher at 24,750, the BSE Sensex finished 443 points upside at 81,442, while the Bank Nifty index added 84 points and closed at 55,760. Eternal, Trent and Dr Reddy were major gainers on the Nifty, while major losers were IndusInd Bank, Tata Consumer, and Axis Bank. Trading volumes on the NSE cash market were higher by 6% compared to Wednesday’s session.
The Mid-cap and the Small-cap indices continued to outperform the benchmark. The Nifty Mid-cap 100 Index rose by 0.53%, while the Nifty Small-cap 100 Index surged by 0.96%. Nifty small-cap index continued its upward journey for the fourth day to close at a four-month high. Market breadth remained positive for the fourth consecutive day, with advancing stocks outpacing declining ones, as indicated by a BSE advance-decline ratio of 1.33.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market bias is sideways as the market is awaiting the outcome of the RBI MPC meeting. The Prabhudas Lilladher expert said the Nifty 50 index needs to break above 25,000 on a closing basis to turn the sentiment bullish.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index witnessed a highly volatile session with huge fluctuations taking the index to touch 24,900 level during the intraday session but ended near the 24750 zone with profit booking happening during the post-lunch session. Market players are awaiting the RBI Policy outcome, which can trigger further fluctuations and have important support near the 24500 zone, which needs to be sustained; the index needs to breach above the tough hurdle near the 25000 levels and thereafter expect a fresh upward move in the coming days.”
“The Bank Nifty index, amid the volatility, failed to cross above the 56000 zone and closed almost on a flat note near the 55750 zone, anticipating a positive outcome from the RBI Policy announcement. As said earlier, the index needs a decisive breach above the 55800 zone to give a breakout above the tight range and expect a fresh move on the upside. At the same time, it needs to sustain above the crucial support of the 54500 level to maintain the overall bias intact,” said Parekh.”
Parekh said that today, the Nifty’s immediate support is at 24600, while the resistance is at 25000. The Bank Nifty will have a daily range of 55,300 to 56,200.
Vaishali Parekh’s stock recommendations
Regarding stocks to buy today, Vaishali Parekh recommended buying these three buy-or-sell stocks: HDFC AMC, Religare, and Hindustan Zinc.
1] HDFC AMC: Buy at ₹4866, Target ₹5100, Stop Loss ₹4760;
2] Religare: Buy at ₹230, Target ₹250, Stop Loss ₹220; and
3] Hindustan Zinc: Buy at ₹474, Target ₹500, Stop Loss ₹465.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
