- Indian stock market ended lower for the fifth straight session on Thursday, with the Nifty 50 index crashing 345 points and closing below the 22,000 mark at 21,957.
- The BSE Sensex tanked 1062 points and finished at 72,404, while the Bank Nifty index nosedived 533 points and ended at a 47,487 level.
- Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, recommends three buy or sell stocks for today — IndusInd Bank, Ajanta Pharma, and Sun TV.
Amid weak global sentiments, the Indian stock market sees a significant dip. Vaishali Parekh of Prabhudas Lilladher provides recommendations for today’s stocks.
Indian Stock Market Performance
The Indian stock market ended lower for the fifth straight session on Thursday. The Nifty 50 index, which represents the performance of the top 50 companies listed on the National Stock Exchange (NSE), crashed 345 points and closed below the 22,000 mark at 21,957. The BSE Sensex, the benchmark index of the Bombay Stock Exchange (BSE), tanked 1062 points and finished at 72,404. The Bank Nifty index, which tracks the performance of the banking sector, nosedived 533 points and ended at a 47,487 level. Cash market volumes on the NSE rose to Rs.1.02 lakh crore.
Stock Recommendations by Vaishali Parekh
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that the Indian stock market sentiments received a significant dent when the Nifty 50 index breached 22,000 support. This was in line with the global market trends, which were also weak. The Prabhudas Lilladher expert said that the 50-stock index has next crucial support at 21,750. Parekh recommended three buy or sell stocks for today — IndusInd Bank, Ajanta Pharma, and Sun TV.
Outlook for Nifty Today
On the outlook for Nifty today, Parekh adopts a cautious approach. She said, “The Nifty 50 index, after witnessing a double top formation near the 22,800 zone, has slipped quite significantly with profit booking eroding the gains and currently has breached below the important 100 period MA at 22,000 level with bias and sentiment maintained with a cautious approach and has the next significant support near 21,750 levels. With the overall bias and sentiment precariously placed, it would need a decisive move above the important 50EMA level of 22,250 to improve the situation from current levels and anticipate a further rise.”
Conclusion
The Indian stock market has seen a significant dip in the past few sessions, with the Nifty 50 index breaching the 22,000 support. Vaishali Parekh of Prabhudas Lilladher recommends a cautious approach and suggests three stocks to buy or sell today.
