The Indian stock market is expected to begin today's session on a cautious note, tracking softer global cues as Asian markets trade under pressure. The GIFT Nifty signals a weak opening, with scope for some early profit-booking following the recent rally. However, the broader domestic market structure remains constructive, underpinned by robust internal liquidity and orderly price action around key technical support zones.
Asian markets are trading lower this morning, led by weakness across Japan and South Korea, as investors turn cautious ahead of key economic data releases from China and the US. US equities closed lower on Friday, while Nasdaq futures continue to signal stress within tech-heavy segments. European markets are also expected to open on a softer footing, reflecting the broader global consolidation phase.
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment has improved as the Nifty 50 index has sustained above the 26,000 level after breaking above this psychological threshold. According to Parekh, the 50-stock index is poised to reach 26,300 if it opens above the 26,000 level on Monday.
Parekh said, "The Nifty 50 index witnessed a strong gap-up opening to continue with the optimistic bias to move past the 26,000 zone and remained almost rangebound, sustaining the level for the rest of the session with bias and sentiment better placed with a positive approach maintained for the coming sessions. The index can continue its positive move to retest the 26325 level peak zone once again in the coming days and anticipate a fresh breakout to trigger further rise, with the undertone becoming stronger."
Parekh also shared her outlook on the Bank Nifty index, saying, "The Bank Nifty index also picked up with a gap-up opening session, but overall was underperforming as compared to the Nifty index, with almost sluggish movement throughout the session, hovering near the 59,400 zone. As mentioned earlier, the index would need a decisive move past the 60,000 zone to establish conviction and thereafter, expect a further upward move for targets of 61,300 and 63,000 levels in the coming days with 58,800 level maintained as the important support level."
Vaishali Parekh recommended three buy-or-sell stocks for intraday trading: Blue Star, ADF Foods, and Gravita India. The details are as follows:
Please note that these are individual recommendations and not from Mint. We advise investors to check with certified experts before making any investment decisions.
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