Buy or sell: Vaishali Parekh recommends three intraday stocks for today amid escalating Israel-Iran conflict
Buy or sell stocks: Following weak global cues amid the rising Israel-Iran conflict, the Indian stock market witnessed sharp selling pressure on Thursday. The Nifty 50 index crashed 253 points and closed at 24,888, the BSE Sensex nosedived 823 points and ended at 81,691, while the Bank Nifty index finished 377 points lower at 56,082. A sharp fall in US market futures and escalating tensions in West Asia weighed down investor sentiment. Trading volumes on the NSE cash market were down by 7% compared to Wednesday.
Apollo Hospital, Asian Paints, and Bajaj Finserv were among the major gainers on the Nifty, showing some resilience. Conversely, Tata Motors, Trent, and Titan faced significant selling pressure and ended as major losers.
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market bias has weakened as the Nifty 50 index decisively slipped below the 25,000 mark. The Prabhudas Lilladher expert said the key benchmark index may try to touch the 24,500 mark if the selling pressure continues.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, "The Nifty 50 index, after witnessing tough resistance near the 25,200 zone, finally tanked below the 25,000 level with heavy profit booking post the lunch session dragged the index to the 24,850 zone with bias and sentiment turned little bit weak. The index has got the next major support positioned near the 24,500 zones, and from here on, for the bias to improve, it would once again need a decent revival and a decisive breach above the 25,200 level to anticipate a further rise in the coming days."
"The Bank Nifty index once again continued with the erosion from the peak made near the 57000 zone and has slipped towards the 56000 level, where the crucial support zone is positioned, which needs to be sustained to maintain the overall trend intact. After the recent breakout witnessed, the index has fizzled out in the last four sessions and, with the sentiment turning cautious once again, can keep a check for the crucial zone near the 56000 level. If a revival is confirmed, we can expect a further rise in the coming days," said Parekh.
Parekh said that Nifty's immediate support today is at 24,700, while resistance is at 25,100. The Bank Nifty would have a daily range of 55,500 to 56,700.
Regarding buy or sell stocks, Vaishali Parekh recommended these three intraday stocks for today: Sterlite Technologies, BSE, and Sterling and Wilson Renewable Energy.
1] Sterlite Technologies: Buy at ₹ 84, Target ₹ 90, Stop Loss ₹ 80;
2] BSE: Sell at ₹ 2750, Target ₹ 2640, Stop Loss ₹ 2850; and
3] SW Solar / Sterling and Wilson Renewable Energy: Buy at ₹ 328, Target ₹ 370, Stop Loss ₹ 315.
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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