Buy or sell stocks: After a rollercoaster ride in the first half, the tide turned towards bulls after midday, and the Indian stock market experienced a strong recovery on Wednesday. The Nifty 50 index finished 374 points northward at 22,535, the BSE Sensex ended 1,089 points higher at 74,227, while the Bank Nifty index shot up 650 points and closed at 50,511. Sectorally, we saw a complete reversal from yesterday’s performance, with all indexes closing in positive territory. Nifty Media, PSU Banks, Consumer Durables, and Realty sectors led the charge.
The Midcap and Smallcap indices staged a notable comeback, recouping a significant portion of yesterday’s losses with gains exceeding 2% each. Overall market sentiment shifted to bullish, as evidenced by a strong advance-decline ratio on the BSE, surging to 3.57 – the highest since June 6th, 2024, indicating widespread buying interest.
Stock market today
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes the Indian stock market bias has eased as the Nifty 50 index experienced a solid recovery after touching 21,750 levels during the Black Monday sell-off. The Prabhudas Lilladher expert said the Indian stock market outlook is still weak and will improve when the frontline index breaks above 22,800 on a closing basis.
Speaking on the outlook for the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index, after scaling a low of 21,750 zone in the previous session, the index witnessed a significant pullback to end above the 22,500 zone with sentiment eased out to some extent and a decisive breach above the 22,850 zone would be required to fill up the gap and thereafter, to improve the bias. The index would have the near-term support of 22,300, which needs to be sustained, and further improvement is expected in the coming sessions.”
“The Bank Nifty index, witnessing a recovery, moved past the 100 period MA at 50300 to improve the bias to some extent and would be awaiting the RBI policy outcome, which would decide the further directional move of the index. The index would have the tough resistance zone near the 52000 level while on the downside, the 49200 zone shall be positioned as the crucial support level which needs to be sustained,” said Parekh.
Parekh said that Nifty’s support today is 22,350, while the resistance is 22,800. The Bank Nifty would have a daily range of 49,900 to 51,300.
Vaishali Parekh’s recommended stocks
Regarding stocks to buy today, Vaishali Parekh recommended these three buy or sell stocks: BF Investment, Crisil, and Zen Technologies.
1] BF Investment: Buy at ₹485, target ₹515, stop loss ₹465;
2] Crisil: Buy at ₹4289, target ₹4400, stop loss ₹4200; and
3] Zen Technologies: Buy at ₹1422, target ₹1500, stop loss ₹1380.
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.
