Today's Indian market saw the Nifty 50 slip a bit, gold reach a new high, and several stocks stand out for short‑term traders.
Market Summary
The Nifty 50 closed at 26,142, down 35 points after an early rise to 26,235. Overall turnover fell about 3% from the previous day.
Most sectors were in the red, especially media, realty, metal, oil & gas, pharma and IT. The biggest gainers were Trent, Shriram Finance and Apollo Hospital. IndiGo, Adani Enterprise and Dr Reddy's lagged behind. The Nifty Mid‑Cap 100 slipped 0.60% while the Small‑Cap index rose 0.3%. Market breadth was weak, with a BSE advance‑decline ratio of 0.79.
Nifty 50 Outlook
Analyst Ponmudi R says the index is in a short‑term consolidation but still inside an overall uptrend. It is comfortably above the 20‑day EMA (26,073) and the key 26,000 level.
- Support zone: 26,050 – 26,000 (buy‑on‑dips area)
- Resistance zone: 26,250 – 26,330, with a larger supply zone up to 26,500
- Risk management: stop below 25,950 if buying dips
As long as the Nifty stays above 26,000, small pull‑backs could offer low‑risk buying chances. A clear break above the upper resistance would be needed for a stronger bullish move.
Bank Nifty Outlook
The Bank Nifty is also range‑bound. The 20‑day EMA sits around 59,128, acting as immediate support.
- Support: 59,000 – 58,900 (break below 58,800 may lead to 58,500)
- Resistance: 59,500 – 59,600 (a decisive move above could open the path to 59,800‑60,000)
Until the index breaks out, price action is likely to stay sideways, driven by individual bank stocks.
Gold & Silver Update
Global gold rose to a fresh high of $4,531 per ounce, while silver hit a record $75.13 per ounce. The rally is linked to falling global interest rates and ongoing geopolitical concerns.
USD/INR Outlook
The rupee weakened by 13 paise against the US dollar, lagging many Asian currencies. Capital outflows and higher demand for dollars from bullion importers added to the pressure.
- Key level: staying above 89.00 keeps the rupee on an upward path
- Resistance: around 90.30 for further gains
Intraday Stock Picks
Technical analysts highlighted eight stocks that could be good intraday buys today. The suggested entry price, target, and stop‑loss are listed.
- Hindustan Zinc – Buy at ₹625, target ₹670, stop ₹603
- Can Fin Homes – Buy at ₹948, target ₹1,010, stop ₹915
- Sun Pharma – Buy at ₹1,737, target ₹1,795, stop ₹1,700
- Lupin – Buy at ₹2,108, target ₹2,170, stop ₹2,070
- Federal Bank – Buy at ₹262, target ₹270, stop ₹252
- Kalpataru Projects – Buy at ₹1,200, target ₹1,250, stop ₹1,175
- Black Box – Buy at ₹532.80, target ₹560, stop ₹520
- Trent – Buy at ₹4,289, target ₹4,550, stop ₹4,200
Disclaimer
This article is for educational purposes only. The views and stock recommendations belong to the individual analysts or their firms, not the publisher. Always do your own research or consult a certified advisor before making any investment decisions.