Buy or sell stocks: Amid news reports of Prime Minister Narendra Modi visiting the US to attend the UN General Assembly next month, raising hopes of bilateral discussions amid rising trade tensions between the two nations, the Indian stock market registered a strong bounce back on Wednesday. The Nifty 50 index finished 131 points higher at 24,619, the BSE Sensex ended 304 points higher at 80,539, while the Bank Nifty index gained 137 points and closed at 55,181.
On the diplomatic front, India’s External Affairs Minister is set to visit Russia on August 21 to meet his counterpart on the sidelines of the SCO meeting—just days after the crucial Russia–US Presidential meeting scheduled for August 15 in Alaska. Any breakthrough from these engagements could raise hopes for the removal of secondary tariffs imposed on India over its Russian oil imports.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment has improved as the Nifty 50 index has regained the crucial 200-DEMA support placed at 24,500. However, the Prabhudas Lilladher expert maintained that the 50-stock index is facing hurdles at 24,650 to 24,700. If the key benchmark index breaks above this resistance, we can expect another 100-point rally.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index, after opening on a positive note above the 24,500-zone, managed to maintain the positive bias as the day progressed, closing near the 24,600 level with the broader markets showing some signs of improvement. As mentioned earlier, the index needs to close above the 24,800 zone to get some clarity and conviction to carry on with the positive move further ahead and at the same time, would need to sustain above the low made near the 24,300 zone as of now to maintain the bias intact.”
On the outlook of the Bank Nifty today, Parekh said, “The Bank Nifty index was once again overall sluggish with no clear directional move and would need a decisive breach above the 56,000 zone to get some conviction and thereafter gain momentum. With the index precariously placed at the current juncture, as said earlier, a decisive breach below the 54,400 zone shall trigger intensified selling pressure, overall weakening the trend, with the next major support positioned near the important 200-period SMA at the 52,700 zone.”
Parekh said that immediate support for the Nifty 50 index is at 24500 levels, while resistance is seen at 24,800. The Bank Nifty would have a daily range of 54,700 to 55,800.
Vaishali Parekh’s intraday stocks
Regarding stocks to buy today, Vaishali Parekh recommended these three buy-or-sell stocks: RCF, Platinum Industries, and Navkar Corporation.
1] RCF: Buy at ₹148, Target ₹160, Stop Loss ₹143;
2] Platinum Industries: Buy at ₹281, Target ₹300, Stop Loss ₹270; and
3] Navkar Corporation: Buy at ₹120, Target ₹130, Stop Loss ₹117.
Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
