3 days Ago
Buy or sell stocks: Following the global market sentiments after Trump's tariff reprieve, the Indian stock market ended higher for the third straight session on Wednesday. The Nifty 50 index ended 108 points higher at 23,437, the BSE Sensex finished 309 points higher at 77,044, while the Bank Nifty index Nifty Bank index shot up 738 points and closed at 53,117. Trading activity on the NSE cash market saw a 10% decline in volumes compared to the previous day.
Sectorally, PSU Banks, Media, and Oil and gas stocks were the top gainers, while the Auto, Pharma, and Healthcare sectors ended the day in the red. The advance-decline ratio on the BSE stood at a healthy 2.03, indicating that advancing shares significantly outnumbered declining ones.
Stock market today Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment has turned strong as the Nifty index further extended its gain and closed near 23,400. The 50-stock index is poised to touch 24,000. Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, "The Nifty 50 index continued with the positive move extending the gains breaching above the 23,400 zone with bias getting strong and in the coming sessions is aiming for the 24,000 landmark.
The undertone has become strong, with the broader markets actively participating in the rally and supporting the benchmark indices with near-term support maintained near the important 50-EMA zone at 23,000, which needs to be sustained as of now. "The Bank Nifty index gained much strength during the session, decisively breaching above the 53,000 zone and, as compared to the Nifty 50 index, has outperformed with most of the frontline banking stocks looking good and has much upside potential to carry on with the positive move further ahead. The PSU Banks are well positioned, with indicators showing much-improved bias and significant volume participation visible, which has triggered a further rise in the coming sessions.
With support maintained near 51000, the index aims to retest the previous peak zone 54,500 in the coming days," said Parekh. Parekh said that support for Nifty today is 23300, while the resistance is 23700. The Bank Nifty would have a daily range of 52,700 to 54,000.
Vaishali Parekh's recommended stocks Regarding stocks to buy today , Vaishali Parekh recommended these three buy or sell stocks : Bank of Maharashtra , Hindustan Zinc , and Syngene International . 1] Bank of Maharashtra: Buy at ₹ 47.40, target ₹ 52, stop loss ₹ 45; 2] Hindustan Zinc: Buy at ₹ 439, target ₹ 465, stop loss ₹ 425; and 3] Syngene International: Buy at ₹ 735, target ₹ 760, stop loss ₹ 720.
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.
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