- The Indian stock market showed a weak bias on Monday, slipping into a weakness zone on Tuesday, with the Nifty 50 index dipping 140 points and closing at the 22,302 mark.
- The BSE Sensex corrected 383 points and closed at the 73,511 level, while the Bank Nifty index lost 609 points and finished at the 48,285 mark.
- Declining shares outnumbered the advancing shares, with the advance-decline ratio standing at 0.40 on BSE, the lowest since 15th April 2024.
After a weak bias on Monday, the Indian stock market slipped into a weakness zone on Tuesday. The Nifty 50 index dipped 140 points, closing at the 22,302 mark, while the BSE Sensex corrected 383 points, ending at the 73,511 level.
Stock Market Performance
The Indian stock market showed a sideways movement on Monday, indicating a market that is neither trending up nor down. However, it slipped into the weakness zone on Tuesday, a period of declining prices, with range-bound action. The Nifty 50 index dipped 140 points and closed at the 22,302 mark, the BSE Sensex corrected 383 points and closed at the 73,511 level, while the Bank Nifty index lost 609 points and finished at the 48,285 mark. Declining shares outnumbered the advancing shares as the advance-decline ratio stood at 0.40 on BSE, the lowest since 15th April 2024. All the sectoral Indices closed in red, indicating a negative performance, except Nifty FMCG and Nifty IT. Nifty Reality, Metal, and PSU Banks fell the most among them.
Vaishali Parekh’s Stock Recommendations
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that the Indian stock market bias has weakened as the Nifty 50 index tumbled below 50-DMA levels on Tuesday. The Prabhudas Lilladher expert maintained that a decisive breach below the 22,300 mark would mean another 200 to 300 points correction in the 50-stock index from current levels. Regarding stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today: Happiest Minds, Wipro, and ITC.
Stock Market Outlook
On the outlook for the Nifty 50 today, Vaishali Parekh provides a clear analysis. She said, “Nifty for the 3rd consecutive day tumbled down to move well near the 50-DMA level of 22300, forming a bearish candle pattern in the daily chart to weaken the bias and sentiment further. The Nifty 50 index now has major support near the significant 50-DMA level of around 22,300 zones for the coming days, and with a decisive close below 22,300 level, the Nifty can slide further till 22100–22000 levels.” This information can help you make informed decisions in the market.
Conclusion
With the Indian stock market showing a weak bias and slipping into a weakness zone, investors are advised to tread cautiously. The recommendations by Vaishali Parekh provide a clear direction for potential stocks to buy or sell. However, investors are always advised to do their research and consult with certified experts before making any investment decisions.
