1 day Ago
Buy or sell stocks: The Indian stock market began the new financial year 2025-26 with a sharp decline as major indices plummeted nearly 2%, reflecting anxieties surrounding the economic implications of US President Donald Trump's imminent reciprocal tariffs scheduled for implementation from April 2, 2025. The Nifty 50 index crashed 353 points and closed at 23,165, the BSE Sensex tanked 1390 points and closed at 76,024, while the Bank Nifty index nosedived 737 points and closed at 50,827. Smaller stocks outperformed the key benchmark indices on the first day of FY26.
After four days, advancing shares outnumbered declining ones, and the advance-decline ratio stood at two on BSE, the highest since 21 March 2025. Stock market today Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market mood is cautious as the Nifty 50 index has made a double the top at 23,850. The Prabhudas Lilladher expert said the Nifty 50 index is close to 50-DEMA support placed at 23,120, and breaking below this level would mean more selling pressure.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, "The Nifty 50 index has indicated a double top formation on the daily chart at 23,850 zones and with some profit booking witnessed has slipped down taking support near the important 50-DEMA zone at 23,120 level during the intraday session. The index would have a psychological base near the 23,000 zones while the crucial support would be positioned near the 22,800, which needs to be sustained below which the trend would turn once again weak." "The Bank Nifty index witnessed resistance near the 52,000 zone and, with profit booking seen, has slipped below the 200 period MA at 51,000, slightly weakening the bias.
The index would have important near-term support at the 50-DEMA zone of 49,750, which needs to be sustained to maintain the overall bias intact. The frontline banking stocks like HDFC Bank and ICICI Bank have taken a breather, slightly slipping down with profit booking seen but has maintained the overall bias intact," said Parekh. Parekh said that support for the day is 23,000, while the resistance is 23,400.
The Bank Nifty would have a daily range of 50,400 to 51,300. Vaishali Parekh's stock picks for Wednesday Regarding stocks to buy today , Vaishali Parekh recommended these three buy or sell stocks : GNFC, IRB Infrastructure, and Genus Power Infrastructures. 1] GNFC: Buy at ₹ 275, target ₹ 290, stop loss ₹ 268; 2] IRB Infrastructure: Buy at ₹ 46, target ₹ 49, stop loss ₹ 44.
50; and 3] Genus Power: Buy at ₹ 278, target ₹ 310, stop loss ₹ 265. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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