Buy or sell stocks for today: Domestic equity benchmarks Nifty 50 and Sensex settled flat in the previous session as investors continued to sell on profit amid mixed global cues. The benchmarks were near all-time highs, led by value-buying in HDFC Bank and Tata Motors. Meanwhile, the mid-cap and small-cap segments continued outperforming the benchmarks despite concerns over their high valuations.
The 30-share BSE Sensex opened at 81,349.28 against its previous close of 81,355.84 and touched its intraday high and low of 81,815.27 and 81,230.44, respectively. The index settled 100 points, or 0.12 per cent, higher at 81,455.40, with 16 stocks in the green on Tuesday.
The BSE Midcap index rose 0.27 per cent, while the Smallcap index climbed 0.88 per cent. Despite heavy volatility, the combined market valuation of all BSE-listed companies hit the $5.50-trillion ( ₹460 lakh crore) milestone for the first time.
The NSE Nifty edged up 21.20 points, or 0.09 per cent, to settle at an all-time closing high of 24,857.30. During the day, it surged 135.65 points, or 0.54 per cent, to 24,971.75. The index hit a low of 24,798.65. The benchmark was nearly 30 points away from hitting the psychological 25,000 mark, during intra-day trade.
The US Federal Reserve's rate-setting panel led by Fed chair Jerome Powell will deliver its monetary policy decision later tonight. The US Central Bank is expected to keep rates unchanged this time, but market participants will focus on hints that support the expectation that rate cuts may start in September.
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, said, ‘’Nifty would need a decisive breach above the psychological zone of 25,000 to continue with the upward move. The next higher targets of 25,500 are visible, with the 24,400 zone as the important and crucial support level as of now.''
For Bank Nifty, the Prabhudas Lilladher expert added that it would need a decisive breach above the 52,800 zone to trigger a breakout and expect a fresh upward move. The next higher targets are anticipated at 53,500 and 55,100. The zone near 51,000 would be the important and crucial support level.
Regarding stocks investors can buy, Vaishali Parekh recommended three intraday stocks for today: GNFC, JSW Energy, and Tata Steel.
On the outlook for the Nifty 50's performance today, Vaishali Parekh said, ‘’Nifty has been witnessing resistance near the 25,000 zone and with consolidation.''
‘’Bank Nifty has been hovering near the 51,400-51,600 zone since the last two sessions,'' added Parekh. According to the expert, the daily support for Nifty is seen at 24,700 levels while the resistance is seen at 25,000 levels. Bank Nifty would have a daily range of 51,200-52,000 levels.
Support – 24,700
Resistance - 25,000
Support – 51,200
Resistance – 52,000.
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 before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
