Buy or sell: The key benchmark indices of the Indian stock market ended lower on Friday last week. The Nifty 50 index lost 96 points and closed at 25,327. However, domestic equities logged weekly gains despite intraday losses, supported by a risk-on tone and broad-based global strength. At the close, the Sensex fell 387.73 points or 0.47% to close at 82,626.23, while the Nifty shed 96.55 points or 0.38% to settle at 25,327.05.
The Midcap and Small Cap indices finished essentially unchanged. Sector-wise, consumer durables, media, auto, FMCG, and IT saw mild profit-taking, easing 0.4–0.6%, whereas power and PSU banks outperformed with gains of around 1% each. Progress in US-India trade negotiations and improved global liquidity continued to underpin sentiment. Meanwhile, Adani Group stocks surged up to 10% intraday after SEBI cleared the group in the Hindenburg probe, triggering renewed investor confidence and strong buying interest across the conglomerate.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market bias is positive as the Nifty 50 index is sustaining above the crucial support placed at 25,250. The Prabhudas Lilladher expert said the key benchmark index faces a hurdle at the 25,450 to 25,500 range. Breaking above 25,500 on a closing basis may trigger a fresh bull trend on Dalal Street.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index, after resisting near the 25450 zone in the previous session, witnessed some profit booking overall to end the day in the red after a long streak of winning sessions, gaining more than 1,000 points from the low made near the 24,400 zone. The overall bias is still maintained positive, with the 25,250-zone positioned as the crucial support, which needs to be sustained as of now. On the upside, a decisive breach above the 25,500 level shall trigger another fresh round of momentum, which can retest the previous peak zone of 26,277 level in the coming days.”
On the outlook of the Bank Nifty today, Parekh said, “The Bank Nifty index witnessed some profit booking after forming a lower top pattern on the daily chart to end the session near the 55,450 zone with overall bias maintained positive. The index would have the important 50EMA at the 55,150 zone as the near-term support, which needs to be sustained. On the upside, a decisive breach above the 56,200 zone shall trigger a fresh upward move to retest the previous peak zone of 57,628 levels in the coming days.”
Parekh said that immediate support for the Nifty 50 index is at 25,200 levels, while resistance is seen at 25,500 levels. The Bank Nifty would have a daily range of 55,000-56,000.
Vaishali Parekh’s intraday stock recommendations today
Regarding intraday stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: Minda Corp, CESC, and Syrma SGS Technology.
1] Minda Corp: Buy at ₹549, Target ₹575, Stop Loss ₹538;
2] CESC: Buy at ₹169.46, Target ₹182, Stop Loss ₹166; and
3] Syrma SGS Technology: Buy at ₹827.55, Target ₹870, Stop Loss ₹810.
Trump’s H-1B Visa fee increase
US President Donald Trump signed an executive order on Friday that requires companies to pay $100,000 annually for every foreign worker brought under the H-1B visa, up from about $1,000 at present – a 9,900% increase. This could increase the visa fees to about 10% of the profits of India’s five largest recipients of H-1B visas, and prove the death knell for the country’s $283-billion IT services industry.
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.