Stock market today: Gift Nifty hints gap-down start | Vaishali Parekh recommends three stocks to buy today

Stock market today: The key benchmark indices of the Indian stock market are expected to remain under pressure today as a sharp rise in crude oil prices continues to weigh on investor sentiment. WTI crude is trading in the $103–104-per-barrel range after rising around 7.5% in the previous session, while Brent has moved toward the $108 mark amid escalating tensions involving Houthi forces and Saudi Arabia. The Gift Nifty live index is also hinting a gap-down start for Dalal Street indices, as the the index is trading more than 100 points below yesterday's spot Nifty close of 23,477.

Gift Nifty signals gap-down start

The Gift Nifty live chart is trading below yesterday's spot Nifty 50 close. The Index is trading below its yesterday's close also. The Gift Nifty index is trading more than 100 points below yesterday's spot Nifty close, while the index is trading around 120 point below its previous close.

Vaishali Parekh, Vice President — Technbical Research at Prabhudas Lilladher, believes the Indian stock market may have a big gap-down opening on Friday, as the Gift Nifty live chart is oscillating around 125 points below yesterday's spot Nifty close of 23,477. The index is trading below its previous close also, which signals weak trends on Dalal Street.

Stock market today

Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, the 50-stock index witnessed good support near the 23,400 zone during the intraday session hovering around for almost the entire day and closing just above the 23,450 level indicated some ray of hope for a revival in the coming sessions.

“With the bias maintained with a cautious approach as of now, the index would have the important support positioned near the 23,000 zone whereas the 23,800 level shall be the crucial hurdle which needs to be breached decisively to establish conviction for further upward move in the coming days,” said Parekh.

On the outlook of the Bank Nifty today, the key benchmark index indicated a rangebound movement during the intraday session near the 56,300 zone and closed in the green near the 56,500 zone to anticipate for some revival in the coming sessions.

“The Bank Nifty index would have the important support near the 54,500 level while the crucial and major support is positioned near the 53,000 zone of the previous low made, below which the overall trend would turn bearish,” said Parekh.

Vaishali Parekh's stock recommendations for today

Unveiling strategy for the Indian stock market today, Vaishali Parekh recommended three stocks to buy today — Shriram Finance, kEC International, and Heritage Foods.

1] Shriram Finance: Buy at ₹1038 | Target ₹1100 | Stop Loss ₹1015;

2] KEC International: Buy at ₹413.45 | Target ₹432 | Stop Loss ₹404; and

3] Heritage Foods: Buy at ₹398 | Target ₹425 | Stop Loss ₹388.

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.