Buy or sell: Gift Nifty signals a gap-up start! Vaishali Parekh recommends three intraday stocks to buy today

Buy or sell stocks: The key benchmark indices of the Indian stock market are poised for a firm start, with improving global risk sentiment underpinning investor confidence after renewed optimism over a potential US-Iran agreement raised expectations that shipping through the Strait of Hormuz could gradually normalise. The prospect of easing US-Iran tensions has driven a sharp decline in crude oil prices, with WTI crude falling to a fresh low near $74 per barrel before stabilising at around $75 per barrel.

Gift Nifty signalling a gap-up opening

Reflecting improved sentiment, GIFT Nifty futures are trading above 24,725 in early trade, comfortably above the Nifty's previous close of 24,614, pointing to a positive opening for domestic equities.

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market may open gap-up on Wednesday, as the Gift Nifty Live Price is trading around 100 points above yesterday's spot Nifty close. She predicted that the Nifty 50 index may open around 24,700.

Stock market today

Speaking on the outlook for the Nifty 50 index, Vaishali Parekh said, the 50-stock index after witnessing a strong in the previous session, it cooled off to some extent finding resistance near the 200-period MA at 24,750 level sustaining above the 24,500 zone and with the bias maintained positive and optimistic, we anticipate for further upward move in the coming days having the next targets of 25,000 and 25,500 levels visible.

“The Nifty 50 index would need to sustain the important near-term support at the 24,300 level to maintain the overall bias intact, whereas the 23,800 zone shall be the major and crucial support zone,” she said.

On the outlook for the Bank Nifty today, Parekh said the key benchmark index shed some gains, finding resistance near the 58,200 zone and, with some profit booking, slipped down. However, sustaining the important 200-period MA at 57,500 has maintained the bias intact.

“The 56,500 zone shall be the important near-term support which needs to be sustained, while on the upside, a decisive breach above the hurdle of the 58,600 level is necessary to indicate a breakout and thereafter, expect a fresh upward move 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 for intraday trading — CDSL, Sharda Cropchem, and Bajaj Consumer Care.

1] CDSL: Buy at ₹1340, Target ₹1400, Stop Loss ₹1315;

2] Sharda Cropchem: Buy at ₹840, Target ₹890, Stop Loss ₹822; and

3] Bajaj Consumer Care: Buy at ₹544, Target ₹570, Stop Loss ₹532.

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.