S E N S E X
Despite a few intraday swings, overall sentiment stayed positive and buying interest remained intact. The index maintained its gains, ending the week on a steady and constructive note. The Nifty 50 came close to testing its all-time high near 26,277 but couldn't register a fresh breakout, eventually ending the week around the 26,100 mark. However, the broader markets remained under pressure, with both the Midcap and Small Cap indices experiencing persistent declines throughout the week.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment remains positive despite the Nifty 50 index closing lower on Friday, as it has sustained above 26,000. The key benchmark index has made crucial support at 25,800.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, "The Nifty 50 index witnessed a highly volatile session, slipping down with profit booking seen and ending near the 26,000 zone with the broader markets sliding down after finding resistance near the peak zone with bias still maintained intact. The index would have the near-term support at the 25,800 zone, which needs to be sustained, and, on the upside, once a breakthrough above the 26,200 zone is confirmed, then it can expect fresh higher targets of 26,700 and 27,200 levels in the coming days, as mentioned earlier."
On the outlook of the Nifty 50 index, Parekh said, "The Bank Nifty index after finding resistance near the 59440 zone, took a breather once again to witness some profit booking to close near the 58900 zone with near-term support positioned near the 58000 level while the major and crucial support lies near the 50EMA zone at 57300 level which needs to be sustained to maintain the overall trend intact. Once the 58,500 zone is sustained, the index can expect another fresh round of upward move with targets of 60,000 and 61,600 levels visible."
Parekh stated that immediate support for the Nifty 50 index is located at 25,900, while the resistance level is at 26,300. The Bank Nifty is expected to have a daily range of 58,500-59,400
Vaishali Parekh's stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: NIIT Learning Systems, Suryoday Small Finance Bank, and Texmaco Infrastructure & Holdings.
1] NIIT Learning Systems: Buy at ₹361.75, Target ₹377, Stop Loss ₹354;
2] Suryoday Small Finance Bank: Buy at ₹141, Target ₹150, Stop Loss ₹138; and
3] Texmaco Infrastructure & Holdings: Buy at ₹100, Target ₹105, Stop Loss ₹98.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts. We advise investors to check with certified experts before making any investment decisions.
source:mint
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