Buy or sell stocks: The Indian stock market is anticipated to start Wednesday’s session with a cautious but somewhat optimistic bias, bolstered by stable international cues and strong local fundamentals, while holiday-thinned volumes assist manage volatility. Ahead of Christmas, the majority of international markets will likely continue to operate with reduced liquidity due to the holiday, which will favor consolidation over bold directional shifts. The market is in a pause period rather than a distribution phase, as seen by the consistent risk sentiment and muted volatility levels.
Today’s stock market
Given that the Nifty 50 index is trading within a wide range of 25,800 to 26,200, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, thinks the bias in the Indian stock market is rangebound. At 26,200, the key index is in danger. The 50-stock index may shortly reach 26,450 if it breaks over this resistance.
Vaishali Parekh discussed the Nifty 50 index’s outlook, saying, “After three straight strong sessions, the Nifty 50 index takes a breather near the 26,200 zone and remains rangebound within a narrow band for the entire session to close on a flat note with bias and sentiment maintained intact with an optimistic approach.” The index would have critical support close to the 50-DEMA level around the 25,800 zone, as was previously predicted in our research. On the upside, the near-term target is anticipated to be around the long-term trendline zone at the 25,450 level.”
“The Bank Nifty index witnessed a sluggish, lacklustre session with a narrow rangebound movement to end on a flat note near the 59,300 zone,” Parekh stated regarding the index’s prognosis. Targets of 61,300 and 62,700 levels are anticipated, and on the upside, a clear break above the 59,800 level is required to establish conviction and initiate a new upward move in the upcoming days. The index as a whole is going through a consolidation period, with support kept strong near the 58,700 zone.”
According to Parekh, the Nifty 50 index’s immediate support is at 26,050, and its resistance level is at 26,300. A daily range of 59,000 to 59,800 is anticipated for the Bank Nifty.
Today’s stock suggestions from Vaishali Parekh
Vaishali Parekh suggested Nykaa, JBM Auto, and Balmer Lawrie as three buy-or-sell stocks for intraday trading today.
1] Nykaa: Target ₹265, Stop Loss ₹248, Buy at ₹256;
2] JBM Auto: Target ₹270, Stop Loss ₹240, Purchase at ₹250;
3] Balmer Lawrie: Target ₹190, Stop Loss ₹176, Purchase at ₹180.
