The Indian stock market faced significant pressure on Monday, with Nifty 50 crashing 207 points to close at 23,842 and BSE Sensex nosediving 702 points to end at 76,847. According to reports from Live Mint, the sell-off was broad-based, with auto, FMCG, and IT stocks leading the decline. However, Vaishali Parekh of Prabhudas Lilladher believes the market's undertone remains positive following positive global cues amid renewed hopes for US-Iran ceasefire talks. The technical expert noted that Nifty 50 has crucial support placed at 23,800 and is facing resistance at 24,300 levels.
Regarding the Bank Nifty outlook, Parekh indicated the index would face an important resistance zone near 57,000 level, which needs to be decisively breached above. As reported by Live Mint, the index would also need to sustain the 53,500-level as the important near-term support zone from current rates. The technical expert's analysis suggests that after breaking above 24,300 on a closing basis, the key benchmark index may try to reach 24,800 levels in the near term.
According to Live Mint reports, the Gift Nifty live chart suggests a big gap-up opening for the Indian stock market today, with the index positioned 350 points, or 1.50% above the previous close. This positive gap-up opening indicates potential for a strong market recovery from Monday's decline, though the actual opening performance will depend on global cues and domestic market sentiment.
Vaishali Parekh recommended three intraday stocks for trading today: IFCI at ₹56.70 with target ₹60 and stop loss ₹55, Biocon at ₹345 with target ₹364 and stop loss ₹337, and JSW Energy at ₹509 with target ₹534 and stop loss ₹497. As reported by Live Mint, these recommendations are for intraday trading purposes and should be considered within the context of the current market volatility and technical outlook.
