Buy or sell stocks: The key benchmark indices of the Indian stock market witnessed high volatility and ended the session slightly lower. Investor sentiment remained cautious amid concerns over currency depreciation, foreign institutional investor (FII) outflows, and global policy uncertainties. Despite the choppiness, selective buying in major banks, steelmakers, and auto stocks offered some support to the market. The Nifty index opened weakly and hit an intraday low of 25,084 mid-session. However, strong buying at lower levels helped the index recover sharply, reaching an intraday high of 25,261 in the second half. Eventually, the index gave up part of its gains and closed at 25,169.50, down 33 points or 0.13%. The Indian rupee weakened further, hitting a record low and settling at 88.75 against the US dollar.

Sector-wise, the Nifty Metal index gained 1.0%, while banking stocks aided the recovery — with the Nifty Bank up 0.4% and the PSU Bank index advancing 1.1%. The Nifty Auto index also rose 0.62%, supported by upbeat sentiment around festive demand. In contrast, the Nifty FMCG, IT, and Media indices ended lower, declining by 1.3%, 0.7%, and 0.66%, respectively. Broader markets faced selling pressure, with the Nifty Midcap 100 declining 0.35% and the Nifty Smallcap index slipping 0.53%.

Stock market today

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment has turned cautious as the Nifty 50 index has slipped gradually from 25,450 to 25,200 levels. The key benchmark index is facing a hurdle at 25,250, and it has found immediate support at 25,100. On breaking below this support, the next crucial support is placed at 24,900.

Speaking on the outlook of the Indian stock market, Vaishali Parekh said, “The Nifty 50 index witnessed a volatile session resisting near the 25,250 level and taking support near the 25,100 zone during the intraday session, closing marginally on the losing side overall, witnessing a gradual slide from the 25,450 level with bias slightly turning weak. As mentioned earlier, the index would have major support near the 50-DEMA level at the 24,900 zone, which needs to be sustained to maintain the overall trend. In contrast, on the upside, only a decisive breach above the 25,500 level would bring conviction to continue with the positive uptrend in the coming days.”

On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index, on the other hand, witnessed a pullback from the important 50-DEMA zone at 55,200 level to end the session near 55,500 zone to form a higher bottom pattern on the daily chart, anticipating further follow-through of the positive move in the coming sessions. With an Inverted head and shoulder pattern on the daily chart, a decisive move above the neckline zone of 55,900 level shall trigger a fresh upward move in the coming days, provided the 55,000 zone is sustained to maintain the overall bias intact.”

Parekh said that immediate support for the Nifty 50 index is at 25000 levels, while resistance is seen at 25,400. The Bank Nifty would have a daily range of 55,200-56,000.

Vaishali Parekh’s intraday stocks to buy today

Regarding intraday stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: Archean Chemical Industries, Orient Cement, and Hindustan Construction Company (HCC).

1) Archean Chemical Industries: Buy at ₹710, Target ₹735, Stop Loss ₹700;

2) Orient Cement: Buy at ₹233, Target ₹245, Stop Loss ₹228; and

3) HCC: Buy at ₹29, Target ₹32, Stop Loss ₹28.

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.