Stock market today: Following weak global market sentiments, the Indian stock market ended lower for the second straight session on Thursday. The Nifty 50 index lost 135 points and closed at 24,205, the BSE Sensex corrected 553 points and ended at 79,389, and the Nifty Bank index finished 251 points lower at 51,555. Cash market volumes have remained steady over the last few days, suggesting no great conviction on either side by participants. The small-cap index ended 1.6 per cent positive even as the advance-decline ratio remained firm at 1.82:1.
Vaishali Parekh stocks for Muhurat Trading 2024
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes that Indian stock market bias has weakened as the Nifty 50 index failed to breach the hurdle placed at the 24,700 mark. The Prabhudas Lilladher expert maintained that the Nifty 50 index has crucial support at the 24,000 mark. Breaching below this support on a closing basis would mean sharp selling pressure, and the 50-stock may touch the 23,400 mark after this breakdown.
Regarding stocks to buy today, Vaishali Parekh recommended buying these three shares during Muhurat Trading 2024: HDFC Bank, BSE, and Jio Financial Services.
Stock market today
Speaking on the outlook for Nifty today, Vaishali Parekh said, “The Nifty 50 index once again has turned the bias weak with another lower top formation on the daily chart and has the crucial support zone of 24,000 levels which, if broken, can turn the trend weak and can anticipate for fresh downward movement. As mentioned earlier, the index would have the major and important support zone at the significant 200 period MA at 23,400 zone, which would be the deciding factor in the coming days.”
“The Bank Nifty, finding resistance near the 52,400 zone, has slipped down further with profit booking seen and has moved below the important 50-EMA level of 51,700 zone with the bias turning weak. The index would have crucial support near 50,400 levels below which the trend would turn bearish, anticipating a fresh slide,” said Parekh.
Parekh said that the Nifty today has immediate support at 24,000 while resistance is seen at 24,400. The Bank Nifty would have a daily range of 51,000 to 52,000.
Buy or sell stocks by Vaishali Parekh
1] HDFC Bank: Buy at ₹1738, target ₹1850, stop loss ₹1710;
2] BSE: Buy at ₹4480, target ₹5000, stop loss ₹4100; and
3] Jio Financial Services: Buy at ₹322, target ₹340, stop loss ₹310.
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.
