Buy or sell stocks: The Indian stock market clinched one-year highs during the special Muhurat trading session on Tuesday, October 21. With the Indian stock market closed for trading on Wednesday, October 22, the expectations of the continuation of a bullish momentum remain high in trade today.

On Tuesday, Indian benchmark indices — Sensex and Nifty — extended their gains to the fifth session in a row. The Nifty 50 rose 0.1% to 25,868.6 and the BSE Sensex rose 0.07% to 84,426.34.

The index, which has gained 3% in the last five days, is now just 1.5% away from its all-time peak scaled in September last year. With the Gift Nifty up over 400 points today, a gap-up start and an all-time high cannot be ruled out.

This optimism has been driven by the possibility of a trade deal with the US in the coming days. Mint report has stated that the US might lower tariffs on India to 15-16% from a massive 50% currently.

Stock market today

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Nifty is poised to test 26,300 levels in the coming days.

“Nifty surged ahead with a strong opening session above the 25,900 zone, with the overall trend getting strong and aiming to retest the previous peak zone of 26300 level in the coming days. The index would have the important support positioned near the trendline zone at the 25400 level, which needs to be sustained to maintain the bias intact and currently, with the undertone being strong, can expect further gains in the coming days,” Parekh said while sharing her outlook for the Nifty 50 index.

On the outlook for Bank Nifty, Parekh said, “Bank Nifty continued with the positive uptrend to close above the 58000 zone with strong bias maintained and with most of the frontline banking stocks getting ready for a fresh upward move, we expect further upward move in the coming days with next targets of 58600 and 59700 levels achievable in the coming days. The previous consolidation zone at the 57,300 level would be positioned as the important support zone from the current level, which needs to be sustained.”

The Prabhudas Lilladher analyst sees Nifty support for the day at 25700 levels, while the resistance is seen at 26000 levels. Bank Nifty would have the daily range of 57600-58700 levels, she added.

Vaishali Parekh’s stock recommendations today

Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: Jayaswal Neco Industries, Dr Reddy’s Labs and Panama Petrochem.

1. Jayaswal Neco Industries: Buy at ₹73 | Target price: ₹78 | Stop loss: ₹70

2. Dr Reddy’s Laboratories: Buy at ₹1,285 | Target price: ₹1,320 | Stop loss: ₹1,260

3. Panama Petrochem: Buy at ₹276 | Target price: ₹285 | Stop loss: ₹270

Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.