Buy or sell stocks: The Indian stock market continued to trade volatile for the sixth straight session on Wednesday. The Nifty 50 index ended higher for the sixth straight session and finished at 25,141. The BSE Sensex gained 123 points and closed at 82,515, while the Bank Nifty index went off 169 points and closed at 56,459. Sectorally, oil & gas, IT, and pharma were the major gainers, demonstrating strength even in a consolidating market. However, Nifty PSU Banks, FMCG, and metal sectors ended the day in the red.

In a change from recent trends, the Nifty Mid-cap and Small-cap indices broke their winning streak today. The Nifty Mid-cap 100 Index fell by 0.49%, while the Nifty Small-cap 100 Index went down by 0.53%. However, market breadth remained decisively positive, with advancing stocks significantly outpacing declining ones, as indicated by a BSE advance-decline ratio of 1.24.

Stock market today

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market bias has turned slightly cautious as the Nifty 50 index slipped after hitting 25,200 levels. However, the key benchmark index has closed above 25,116, meaning the positive sentiment remains intact. The Prabhudas Lilladher expert said the 50-stock index is facing a hurdle at 25,200, and the index may soon touch 25,600 after breaking above 25,200 on a closing basis.

Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index, after consolidating since the last two days, witnessed a volatile session with the initial half progressed ahead to scale the 25,200 zones while post-lunch session succumbed to profit booking to end near the 25,150 level with sentiment slightly turning cautious. The index has the 25,000 zones as the near-term support, while on the upside, the 25,500 level can be expected in the coming sessions once there is a breach above the hurdle of 25,200 levels, with overall bias maintained strong.”

“The Bank Nifty index has witnessed another session of profit booking to slip further from the peak made near the 57,000 zone, and with the 55,800 to 56,000 band maintained as the important support from the current level, the index is still in the strong territory but would need a decisive breach above the 57,000 level to anticipate for fresh upward move in the coming days to maintain the positive bias intact,” said Parekh.

Parekh said that today, support for the Nifty is at 25000 levels, while resistance is at 25,300. The Bank Nifty will have a daily range of 56,000 to 57,200.

Vaishali Parekh’s stock recommendations today

Regarding stocks to buy today, Vaishali Parekh recommended these three buy or sell stocks: Lloyds Enterprises, Lupin, and Natco Pharma.

1] Lloyds Enterprises: Buy at ₹73, Target ₹83, Stop Loss ₹70;

2] Lupin: Buy at ₹2028, Target ₹2150, Stop Loss ₹1980; and

3] Natco Pharma: Buy at ₹935, Target ₹1000, Stop Loss ₹900.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.