The Gift Nifty live chart is trading around 24,200, which is just 25 points above Friday's spot Nifty 50 close of 24,175. However, according to reports from LiveMint, the index is trading below its previous close and yesterday's spot Nifty close, signalling a tepid start for the Indian stock market today. Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market may have a muted start, as the Gift Nifty live index is trading below yesterday's spot Nifty close and its previous close. Despite the cautious opening indicators, the index is indicating a price above 24,000 for the 50-stock index, which may boost the morale of Dalal Street bulls.
Speaking on the outlook for the Nifty 50, Parekh noted that the 50-stock index sustained near the 24,150 zone during the session and witnessed resistance near this level before slipping heavily with profit booking seen to end near the 24,000 level. As reported by LiveMint, the index would continue to have the important resistance hurdle of 24,400 zone, which needs to be breached decisively to expect a fresh further upward move. On the downside, the 23,800 zone shall be the important and crucial support area, which needs to be sustained to maintain the overall trend intact. The index is maintaining a cautious bias with a bias once again maintained with a cautious approach, with the 23,800-zone maintained as the important and crucial support that needs to be sustained to maintain the overall trend intact.
Regarding the Bank Nifty outlook, Parekh stated that the key benchmark index once again slipped with profit booking witnessed, closing near the 57,400 level near the important 200-period MA. The Bank Nifty index would need a decisive breakthrough above the tough resistance hurdle of the 58,600 level to establish conviction, whereas the important and major support would be positioned near the 100-period MA at the 56,000 level, which needs to be sustained to maintain the trend intact. According to LiveMint, the Bank Nifty index is trapped in a tight range of 58,500 and 57,000 levels for quite a long time, with no directional movement visible. The 50-EMA zone near the 57,300 is the near-term support, and on the upside, a decisive breach above the 58,600 level is much awaited, and thereafter, further targets of 59,600 and 60,500 levels in the coming days can be expected.
Despite the cautious market outlook, Vaishali Parekh recommended three stocks to buy today for intraday trading. As reported by LiveMint, the latest recommendations include Mphasis at ₹2,505 with a target of ₹2,620 and stop loss at ₹2,450, Jindal Stainless at ₹734 with a target of ₹770 and stop loss at ₹720, and Rain Industries at ₹206.55 with a target of ₹220 and stop loss at ₹201. These recommendations come as the market faces surging crude oil prices and rising global bond yields that continue to weigh on investor sentiment amid the escalating tension in the US-Iran war. The previous recommendations of KPIT Technologies, Sun Pharma Advanced Research, and Viyash Scientific remain valid for intraday trading opportunities.
