Buy or sell stocks: The Indian stock market ended the Wednesday session on a cautious to negative note as mixed cues from Asian peers and sharp losses in the global markets, along with continued weakness in the rupee, kept investor risk appetite subdued. The Indian national Rupee (INR) slipped further to around 91.64 against the US Dollar (USD), reflecting strong dollar demand and reviving concerns over imported inflation and near-term capital flow stability. While the European Union’s description of the India-EU trade pact as “historic” offered a constructive medium-term signal for India’s external trade outlook, the lack of immediate clarity on implementation and fresh tariff rhetoric from U.S. President Donald Trump curtailed any near-term optimism in domestic equities.
Stock market today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is cautious despite the Nifty 50 index ending above 25,100 after the stock market crash on Wednesday. The Prabhudas Lilladher expert said the 50-stock breaching below 25,000 again may intensify selling pressure, and the key index may try to test 24,400 after a decisive breach below 25,000.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index, on the back of weak global cues and rising tensions related to Tariff trade war, once again witnessed a highly volatile session with swing of more than 300 points during the first half, breaching below the significant 200 period MA at 25,100 level during the intraday session and managed to recover to some extent and thereafter settled to close near the 25,150 zone with bias and sentiment maintained with a very cautious approach. The index failing to hold the 25,000 zone shall trigger intensified selling pressure, with the trend turning weak, and would have the next support positioned near the 24,400 zone.”
On the outlook of the Bank Nifty today, Parekh said, “The Bank Nifty index amid high fluctuations breached below the important support of 58,800 zone during the intraday session but witnessed some bounce back to end the day at 58,800 level with bias overall turning weak and maintained with a cautious approach. The index has breached below the 50-EMA level at 59,000 zone and currently is precariously placed, closing near the 58,800 level, which is the crucial support zone, as mentioned earlier.”
Parekh stated that immediate support for the Nifty 50 index is located at 25,000, while the resistance level is at 25,300. The Bank Nifty is expected to have a daily range of 58,200 to 59,500.
Vaishali Parekh's stock recommendations for today
Regarding intraday stocks to buy today, Vaishali Parekh recommended three stocks to buy or sell: CUB, Rain Industries, and Arvind.
1] CUB: Buy at ₹279.75, Target ₹295, Stop Loss ₹273;
2] Rain Industries: Buy at ₹136.74, Target ₹145, Stop Loss ₹133; and
3] Arvind: Buy at ₹306.60, Target ₹322, Stop Loss ₹300.
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.
