Buy or sell: Gift Nifty signals gap-up opening, Vaishali Parekh recommends three stocks to buy today — 6 May 2026

Buy or sell stocks, 6 May 2026: Following weak global cues and rising geopolitical concerns driven by renewed escalation in the US–Iran war, the key benchmark indices of the Indian stock market finished lower on Tuesday. The Nifty 50 index went off 86 points and closed at 24,032. The BSE Sensex lost 251 points and ended at 77,017, whereas the Bank Nifty index finished 331 points lower at 54,547.

Sectorally, the trend was mixed—auto, pharma, and FMCG stocks showed resilience, while realty, banking, and financials edged lower. Broader markets remained relatively stable, with midcap and smallcap indices showing marginal movement, indicating selective participation.

Gift Nifty signals a gap-up opening

Following the de-escalation in the US-Iran war, the Gift Nifty live chart is signalling a positive start for the Indian stock market. The index opened upside at 24,221 and extended its morning gains, touching an intraday high of 24,324, signalling a big gap-up opening for the Indian stock market on Wednesday.

Stock market today

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market is range-bound as the Nifty 50 index is in a tight range of 24,000 to 24,300. The Prabhudas Lilladher expert said the 50-stock index needs to decisively break above 24,300 to strengthen bulls' conviction. However, she predicted a big gap-up opening, as the Gift Nifty index is trading green, up around 200 points from yesterday's close of 24,109.

Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, the index continues to hover near the 24,000 zone with 24,300 zone acting as the tough resistance barrier which needs to be breached decisively to establish conviction, whereas on the downside, the 23,800 level shall be positioned as the important near-term support which needs to be sustained.

“The overall bias is maintained positive but with a cautious approach amid the geo-political tensions once again haunting the market sentiments from time to time,” she said.

On the outlook of the Bank Nifty today, Parekh said the index is currently precariously placed with bias turning weak, and the important near-term support at the 54,400 level is under threat, which needs to be sustained, failing which can trigger fresh selling pressure, with the next crucial support positioned at the 53,500 level.

“The 50-EMA at the 56,100 level would be the important hurdle which needs to be breached above decisively to establish conviction and clarity,” said Parekh.

Vaishali Parekh's stock recommendations for today

Regarding stocks to buy today, Vaishali Parekh recommended these three buy-or-sell stocks: Rites, Thirumalai Chemicals, and TBZ.

1] Rites: Buy at ₹226.15, Target ₹240, Stop Loss ₹220;

2] Thirumalai Chemicals: Buy at ₹220.40, Target ₹235, Stop Loss ₹215; and

3] TBZ: Buy at ₹150, Target ₹160, Stop Loss ₹146.

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.