Buy or sell stocks: Domestic equity benchmarks, Sensex and Nifty 50 snapped their seven-day winning streak amid profit booking and after investors turned risk-averse over the Pahalgam terror attack in Jammu and Kashmir, which heightened geopolitical tensions in the region.
The 30-share BSE benchmark declined 315.06 points or 0.39 per cent, settling at 79,801.43. During the day, it dropped 391.94 points or 0.48 per cent to 79,724.55. The NSE Nifty fell by 82.25 points or 0.34 per cent to 24,246.70. In the past seven trading days, the BSE benchmark gauge zoomed 6,269.34 points or 8.48 per cent, and the Nifty jumped 1,929.8 points or 8.61 per cent, to settle at the highest closing levels of 2025 during Wednesday's session.
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is still positive as the Nifty 50 is above crucial support at 23,800. The Prabhudas Lilladher expert said that Dalal Street may witness some consolidation and suggested investors avoid taking any short positions until the Nifty is above 23,800.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, "The Nifty 50, after a long streak of 7 winning sessions, finally took a breather and closed in the red near 24250 zone with bias and sentiment still maintained positive expecting for further continuation of the upward move after a short period of consolidation or perhaps, some correction anticipated. As mentioned earlier, the index would have significant near-term support near the 23800 zone. Once sustained, we can regain strength, and with the overall trend maintained strong, we can carry on with the positive move further ahead."
"The Bank Nifty index, after the strong run-up witnessed in the last 2 weeks, witnessed some profit booking wiping off some gains to end near the 55200 zone and has got the important support zone near 54,500 level of the previous major peak zone, which needs to be sustained in the coming sessions. Once a revival is established again, the index can anticipate further upside targets of 56,200 and 57,500 levels in the coming days," said Parekh.
Parekh said that today, the Nifty's support is at 24,100, while the resistance is at 24,400. The Bank Nifty will have a daily range of 54,800 to 55,800.
Regarding stocks to buy today, Vaishali Parekh recommended these three buy or sell stocks: Varroc Engineering, VETO, and Finolex Industries.
1] Varroc Engineering: Buy at ₹464, Target ₹490, Stop Loss ₹445;
2] VETO: Buy at ₹115, Target ₹130, Stop Loss ₹111; and
3] Finolex Industries: Buy at ₹176, Target ₹186, Stop Loss ₹172.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts, consider individual risk tolerance, and conduct thorough research before making investment decisions, as market conditions can change rapidly, and individual circumstances may vary.
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