6 days Ago
Buy or sell stocks: Following positive sentiments after US President Donald Trump declared a 90-day pause in the US tariffs recently imposed on its trade partners, the Indian stock market skyrocketed on Friday. The Nifty 50 index opened upside at 22,695 and closed at 22,828, recording an intraday rise of 429 points. The BSE Sensex opened upside at 74,835 and closed at 75,157, logging an intraday 1310-point rally during the intraday trading session on Friday.
Likewise, Bank Nifty today had a gap-up opening at 50,634, and the banking index closed at 50,995, logging over 750 points gain during Friday dealings. Stock market today Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market bias has turned positive as the Nifty 50 index has closed above 22,800. However, the Prabhudas Lilladher expert said that a bull trend could be assumed only when the frontline index decisively breaks above 23,000.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, "The Nifty 50 index witnessed a strong move to close above the 22,800 zone almost to fill up the gap, and once again moving out of the descending channel pattern improving the bias and sentiment anticipating for further rise in the coming sessions. The index would have the near-term important hurdle near the 50-EMA at 23,000, which needs to be breached decisively and can further establish conviction for an upward move in the coming days." "The Bank Nifty index, after opening with a gap up, carried on with the positive move till 51,230, where it witnessed resistance and with some profit-booking seen, ended the session near the important 200 period MA at 51,000 with bias and sentiment improved.
Further ahead, a decisive breach above the 52,000 shall confirm a breakout anticipating a fresh upward move in the coming days," said Parekh. Parekh said that support for Nifty today is at 22,700, while the resistance is at 23,100. The Bank Nifty would have a daily range of 50,500 to 51,700.
Vaishali Parekh's stock recommendations Regarding stocks to buy today , Vaishali Parekh recommended buying these three buy or sell stocks : Jio Financial Services, Coal India , and Texmaco Rail. 1] Jio Financial Services: Buy at ₹ 230, target ₹ 260, stop loss ₹ 222; 2] Coal India: Buy at ₹ 392, target ₹ 415, stop loss ₹ 382; and 3] Texmaco Rail: Buy at ₹ 134, target ₹ 145, stop loss ₹ 128. Disclaimer: The views and recommendations given in this article are those of individual analysts.
These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions..
