Buy or sell: Gift Nifty down, Vaishali Parekh recommends three intraday stocks for today — 12 May 2026

Buy or sell stocks, 12 May 2026: Following weak global cues and PM Modi's speech highlighting austerity measures to contain outflow of the US Dollar (USD), the key benchmark indices of the Indian stock market ended lower on Monday. The Nifty 50 index crashed 359 points or 1.49% and closed at 23,816. The BSE Sensex nosedived 1,312 points, or 1.70%, to close at 76,015. The Bank Nifty index tanked 832 or 1.51% and closed at 54,478.

Selling pressure was broad-based, with most sectoral indices closing lower. Real estate, energy, and auto stocks saw heightened weakness, while defensive pockets such as pharma and FMCG displayed relative resilience. Broader markets also remained under pressure, with both midcap and smallcap indices declining by over a per cent each, reflecting weak investor sentiment across the board.

What Gift Nifty signals?

The Gift Nifty index opened lower at 23,745 and touched an intraday low of 23,596, signalling a big gap-down opening for the Indian stock market. By 7:30 AM, the index was trading around 23,650, suggesting the 50-stock index may test the major support at 23,600 to 23,500.

Stock market today

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is cautious. She said the key index is precariously placed at an immediate support of 23,800. Failing to sustain above this support may intensify the selling pressure in the Indian stock market. However, Vaishali Parekh of Prabhudas Lilladher predicted a gap-down opening as the Gift Nifty index is trading around 23,650, logging an intraday loss of around 135 points.

Speaking on the outlook for the Nifty 50 today, Vaishali Parekh said the index tanked heavily, opening with a gap down below the 24,000 zone, with the bias and sentiment turning very cautious amid renewed geopolitical tensions in the Middle East.

“The Nifty 50 index is currently precariously placed near the important support zone of 23,800 level, which needs to be sustained, failing which can trigger fresh intensified selling pressure in the coming sessions. On the upside, the 24,300 zone continues to be the tough resistance hurdle which needs to be breached decisively,” said Parekh.

On the outlook of the Bank Nifty today, Vaishali Parekh said the key index witnessed heavy profit booking to slide down with bias turning weak and arriving near the important and crucial support zone of 54,400 level and thereafter, has the major support positioned near the 53,500 zone, which needs to be sustained to maintain the overall trend intact.

“On the upside, as mentioned, the 200-period MA at the 57,200 level would be the important hurdle as of now, which needs to be breached decisively above to improve the bias and expect further upward moves in the coming days,” said Parekh.

Vaishali Parekh's stock recommendations for today

Regarding stocks to buy today, Vaishali Parekh recommended these three buy-or-sell stocks: Fortis Healthcare, Eternal, and Goa Carbon.

1] Fortis Healthcare: Buy at ₹970, Target ₹1000, Stop Loss ₹960;

2] Eternal: Sell at ₹248, Target ₹238, Stop Loss ₹255; and

3] Goa Carbon: Buy at ₹432, Target ₹455, Stop Loss ₹426.

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.