
Buy or sell stock: The Indian stock market finished on Tuesday on a cautious, range-bound note, as profit booking in banking, IT and healthcare stocks emerged as a key drag on the indices, keeping overall sentiment subdued. In the absence of strong global or domestic triggers, investors preferred selective positioning over aggressive buying.
Sentiment, however, found some support after a senior National Stock Exchange (NSE) official expressed hope that the recent hike in securities transaction tax (STT) could be reconsidered, citing representations made to the finance minister, lending a mild supportive undertone to the market.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is positive as the Nifty 50 index is slowly but steadily inching towards 26,000. The Prabhudas Lilladher expert said that a decisive close above 26,000 may fuel the key benchmark index towards the 26,200 to 26,300 zone.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index, slowly and steadily, is heading towards the 26000 zone with bias and sentiment getting better and anticipating further positive developments in the coming days. The index, once confirmed a decisive close above the important and crucial zone of 26000 level, shall establish conviction and thereafter, can expect further rise having targets of 26200 and 26300 level with 25750 maintained as the important support zone.”
On the outlook of the Bank Nifty today, Vaishali Parekh said, “The Bank Nifty index continues to oscillate between the narrow range of the 60500 – 60800 zone, and on the downside is supported by the 60000 zone, which needs to be sustained to keep the positive bias intact. A decisive breach above the 60800 level shall trigger a fresh upward move with targets of 61500 and 62000 levels achievable in the coming sessions.”
Parekh stated that immediate support for the Nifty 50 index is located at 25,800, while the resistance level is at 26,100. The Bank Nifty is expected to have a daily range of 60,000 to 61,200.
Regarding stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for intraday trading: Colpal, Meghmani Organics, and Vedanta.
1] Colpal: Buy at ₹2177, Target ₹2230, Stop Loss ₹2150;
2] Meghmani Organics: Buy at ₹56.80, Target ₹60, Stop Loss ₹55; and
3] Vedanta: Buy at ₹690, Target ₹710, Stop Loss ₹680.
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.
Asit Manohar, Assistant Editor at Livemint, has an experience of around 19 years. He has been tracking news in the stock market, corporate finance, an...Read More
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