Buy or sell stocks: The Indian stock market extended its bull trend for yet another session and ended higher for the sixth straight day. The Nifty 50 index added 33 points and closed at 25,083, the BSE Sensex finished 142 points higher at 82,000, and the Bank Nifty index ended 56 points north at 55,755. Amongst the sectoral indices, Nifty IT, FMCG, and Realty emerged as major gainers. Conversely, sectors such as Nifty Media, Pharma, and Financial Services were the major losers for the day.

IT heavyweights Infosys, TCS, and Nestle led the charge among the Nifty’s top performers. On the other hand, it proved to be a tough session for names like Bharat Electronics (BEL), Shriram Finance, and Bajaj Finance, which ended as the major losers within the Nifty pack. Trading volumes in the NSE cash market were higher by 10% compared to the previous session.

Stock market today

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market bias continues to remain strong as the Nifty 50 index sustains above 25,000 levels. However, the Prabhudas Lilladher expert maintains that the key benchmark index is finding resistance at 25,150 levels. On breaking above this resistance, we can expect a fresh bull trend on Dalal Street.

Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index witnessed a rangebound session, maintaining above the 25,000 zone but finding resistance near the 25,150 level, with bias overall improving and can expect a further rise in the coming days, with the sentiment also easing out. The index would have the important 50-DEMA level near the 24,850-zone as the strong near-term support, while on the upside, as mentioned earlier, needs to breach above the important hurdle of the 25,250-25,300 zone, which shall establish further stability and conviction for further upward movement in the coming days.”

On the outlook of the Bank Nifty today, Parekh said, “The Bank Nifty index once again remained subdued, hovering near the important 50-DEMA zone at the 55,800 level and witnessing a rangebound session that ended on a flat note. As said earlier, it would need a decisive breach above the 56,200 zone to improve the bias, and thereafter, expect further upward movement in the coming days. On the downside, the 55,000 level would remain the important support zone that needs to be sustained to maintain the overall bias intact.”

Parekh said that the immediate support for the Nifty 50 index is at 24,900, while the resistance is at 25,300. The Bank Nifty would have a daily range of 55,300-56,200.

Vaishali Parekh’s stock recommendations today

Regarding stocks to buy today, Vaishali Parekh recommended these three buy-or-sell stocks: ICICI Bank, Coforge, and Sula Vineyards.

1] ICICI Bank: Buy at ₹1447, Target ₹1470, Stop Loss ₹1430;

2] Coforge: Buy at ₹1720, Target ₹1800, Stop Loss ₹1690; and

3] Sula Vineyards: Buy at ₹255, Target ₹280, Stop Loss ₹245.

Jerome Powell’s Jackson Hole speech in focus

Central bankers and economists worldwide are gathering for the Fed’s economic symposium in Jackson Hole, Wyoming. The prestigious event in the Grand Teton mountains has been used to make key policy announcements. Powell is due to speak today at 10:00 AM in New York time.

Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not Mint. We advise investors to check with certified experts before making any investment decisions.