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Buy or sell indicator: The key benchmark indices of the Indian stock market are likely to remain cautious amid elevated crude oil prices and rising global bond yields, which continue to weigh on investor sentiment. The Gift Nifty live chart is trading above yesterday's spot Nifty 50 close and its previous close, signalling a gap-up start on Thursday. Asian markets are also trading higher in the early morning dealings, which augurs well for Dalal Street bulls. The Gift Nifty live chart is trading around the 24,080 level, more than 150 points higher than yesterday's spot Nifty close and 115 points higher than its previous close. Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market may have a positive start on Thursday, as the Gift Nifty live chart is trading above yesterday's spot Nifty close and its previous close. She predicted the Nifty 50 index may open above 24,000. However, the Prabhudas Lilladher expert suggested investors to wait as it would be crucial for the Nifty 50 index to break and sustain above its 50-DEMA hurdle of 24,050. Parekh said the Indian stock market bias would be cautious-to-positive and suggested a buy-on-dips strategy for intraday trading. Speaking on the outlook for the Nifty 50 today, Vaishali Parekh said, the 50-stock index after the gap down opening breached below the crucial 23,800 zone during the intraday session but indicated a recovery in the later half to end just above the 23,900 level with bias maintained with a cautious approach, but anticipating crossing above the 24000 zone to regain some confidence in the coming sessions. “The crucial support of 23,800 ame under threat on Wednesday's session. So, the Nifty 50 index would need a decisive revival, with tough resistance near the 24400 zone, as mentioned earlier,” said Parekh. On the outlook for the Bank Nifty today, Vaishali Parekh said, the key benchmark index indicated a dip in the morning session, breaching below the 50-EMA level at 57,300 zone and the important and crucial support of 57,000 level, but witnessed some recovery to sustain above the 57,000 level with bias overall maintained with a cautious approach, with consolidation continuing. “The Bank Nifty index would have the 100-period MA at the 56,500 zone as the major support from the current rate, which needs to be sustained to maintain the trend intact,” said Parekh. Regarding buy or sell indicators for intraday trading, Vaishali Parekh recommends three stocks to buy today: Sammaan Capital, Arvind, and Wockhardt. 1] Sammaan Capital: Buy at ₹152.30 | Target ₹162 | Stop Loss ₹149; 2] Arvind: Buy at ₹574 | Target ₹600 | Stop Loss ₹562; and 3] Wockhardt: Buy at ₹1904 | Target ₹2000 | Stop Loss ₹1880. Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions. Asit Manohar has nearly two decades of experience in the mainstream media. In this period, he has served esteemed media organisations like NDTV Profit, The Economic Times, and Zee Business. He has been working at LiveMint Digital since April 2021. During these two decades of journey in mainstream media, Asit has mainly covered external affairs, markets and personal finance. However, his earliest beats include railways, SME, MSME, and politics (Congress beat). Some of his features on political, economic, and foreign policy are documented in the parliamentary records. <br><br> While pursuing his MA (Mass Communication, Session 2004-06), Asit began his media career as a stringer at All India Radio in Varanasi. At AIR Varanasi, Asit worked with the Gyanvani, Yuvvani and Vividh Bharti teams. After working for nearly one year at AIR Varanasi, he shifted to print journalism and started working as a stringer for the HT Media Ltd, Varanasi. At HT Media Ltd in Varanasi, he covered the BHU beat. <br><br> Asit has also worked with some brokerage houses. He has worked with Religare Broking and India Infoline, where he assisted the research team in developing and executing trade strategies for intraday cash, F&O, and commodities. <br><br> Asit is a Gold Medalist in MA (Mass Communication) from BHU, Varanasi. He did his BSc. (Hons) in Mathematics from Magadh University, Bodh Gaya. Asit was a National Talent Scholarship holder during his senior secondary studies (1988-91). Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
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