Stock market today: Gift Nifty down | Vaishali Parekh recommends three stocks to buy today

Stock market today: The key benchmark indices of the Indian stock market are expected to remain cautious, with elevated crude oil prices continuing to dominate the macro backdrop. Escalating geopolitical tensions have kept energy markets on edge, with WTI crude briefly touching the $93-per-barrel mark before holding in the $92–$93 range. The Gift Nifty live chart also reflects a cautious start, with the index oscillating around yesterday's spot Nifty 50 close. However, the index is trading below its previous close, which signals bulls succumbing to bear pressure.

Gift Nifty live chart signals cautious start

As mentioned above, the Gift Nifty live chart is trading below its previous close and oscillating around yesterday's spot Nifty close. This means that Dalal Street indices are expected to trade cautiously.

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market may open flat, as the Gift Nifty Live Chart is oscillating around yesterday's spot Nifty close. She said that bears may outsmart bulls if the 50-stock index fails to regain the psychological 24,000 level on a closing basis.

Stock market today

Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, the 50-stock index opened on a weak note with a gap down and with profit booking witnessed, the index continued to slip further as the day progressed to close the important support zone of the 23,800 level, with the sentiment turning into a very cautious approach.

“The Nifty 50 index would have the next major support positioned near the 23000 zone, and with the slide gradually slipping down, the index would need to produce a decent revival and cross above the significant 50EMA level at the 24,200 zone to improve the bias and expect further follow-through of the positive move in the coming days,” said Parekh.

On the outlook of the Bank Nifty today, the Prabhudas Lilladher expert said, the key index has slipped further to arrive near the crucial zone of 57,000 level with overall bias maintained with a very cautious approach, with all major frontline banking stocks like HDFC Bank, SBI and ICICI Bank not showing any signs of revival to help the index gain momentum.

“The Bank Nifty index would have the important 100-period MA at the 56,500 zone as the major and crucial support which needs to be sustained to maintain the trend intact, whereas on the upside, the 58,000 zone continues to be the tough resistance hurdle,” said Parekh.

Vaishali Parekh's stock recommendations for today

Vaishali Parekh has recommended three stocks to buy today — Lemon Tree Hotels, HBL Engineering, and Laurus Labs.

1] Lemon Tree Hotels: Buy at ₹107 | Target ₹112 | Stop Loss ₹103;

2] HBL Engineering: Buy at ₹700 | Target ₹740 | Stop Loss ₹680; and

3] Laurus Labs: Buy at ₹1867 | Target ₹1900 | Stop Loss ₹1840.

Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions.