The Indian stock market experienced a sharp sell-off in PSU stocks on Monday, causing the Nifty 50 index to lose 166 points and close at a 21,616 level. The BSE Sensex also nosedived 523 points and finished at the 71,072 mark. In light of this, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, provided intraday tips for Tuesday.
Parekh mentioned that the Nifty 50 index failed to breach the hurdle at 21,800 and ended near the 21,600 level, causing the market sentiment to turn cautious. She also added that the immediate support for the Nifty 50 index is now placed at the 21,500 mark, with a crucial support at the 21,300 level. Parekh recommended three intraday stocks for the day, which included Coforge, Metropolis Healthcare, and Indo Count Industries.
In terms of the stock market outlook, Parekh emphasized that the Nifty 50 index has an important support zone near the 21,500 level and a crucial support at the significant 50EMA zone of 21,300 levels. She also provided insights on the Bank Nifty, stating that it closed just below the important 200 periods MA of 44,900, which weakens the bias and sentiment a little. The immediate support for Nifty today is placed at 21,500, while the resistance is seen at 21,750. Bank Nifty would have a daily range of 44,400 to 45,300 levels.
For those considering investment in stocks, Parekh recommended purchasing Coforge, Metropolis Healthcare, and Indo Count Industries, providing buy, target, and stop-loss prices for each stock. However, it’s essential for investors to consult with certified experts before making any investment decisions.
In conclusion, the Indian stock market experienced a significant decline on Monday, and Parekh’s intraday tips and stock market outlook offer valuable insights for investors looking to navigate the current market conditions.