Fair today: Following weak global market sentiment, the Indian stock market ended Thursday lower for the second session in a row. The Nifty 50 index lost 135 points to close at 24,205, the BSE Sensex corrected 553 points to end at 79,389, and the Nifty Bank index ended 251 points lower at 51,555. Cash market volumes have remained stable in recent days, indicating no strong conviction on either side. The small-cap index ended 1.6 percent positive, even as the advance/regression ratio remained stable at 1.82:1.
Vaishali Parekh Shares for Muhurat Trading 2024
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, believes that Indian stock market The bias has reduced as the Nifty 50 index failed to break the 24,700-point hurdle. Prabhudas Lilladher expert claimed that the Nifty 50 index has crucial support at the 24,000-point mark. If this support is breached on a closing basis, it would mean sharp selling pressure, and the 50 stock could reach the 23,400 mark after this collapse.
Regarding stocks you can buy todayrecommended Vaishali Parekh to buy these three stocks: HDFC Bank, BSE and Jio Financial Services during Muhurat Trading 2024.
Fair today
Talking about the outlook for Nifty today, Vaishali Parekh said, “The Nifty 50 index has again turned the bias weak with yet another lower top formation on the daily chart and has the crucial support zone of 24,000 levels which if broken could make the price turn.” The trend is weak and may anticipate a new downward movement. As mentioned earlier, the index would reach an MA of 23,400 in the important 200 period, which would be the deciding factor in the coming days.
“The Bank Nifty, which found resistance near the 52,400 zone, has fallen further on profit booking and settled below the important 50-EMA level of the 51,700 zone as the bias turned weak. The index would get crucial support near the 50,400 levels below which the trend would turn bearish, awaiting another decline,” Parekh said.
Parekh said the Nifty has immediate support at 24,000 today, while resistance is seen at 24,400. The Bank Nifty is said to have a daily range of 51,000 to 52,000.
Buy or sell shares of Vaishali Parekh
1) HDFC Bank: Buy from ₹1738, target ₹1850, stop loss ₹1710;
2) BSE: Buy from ₹4480, target ₹5000, stop loss ₹4100; And
3) Jio Financial Services: Buy from ₹322, target ₹340, stop loss ₹310.
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. We advise investors to contact certified experts before making investment decisions.