In the absence of major news, the Indian stock market closed lower for the fourth straight session on Thursday. The Nifty 50 index dropped to a two-month low, closing at 24,399, while the BSE Sensex saw a slight dip, ending at 80,065. The Nifty Bank index, however, rose by 292 points, closing at 51,531.
The FMCG Index fell over 2%, following disappointing results from HUL and Nestle India, while metals, especially Hindalco, also faced selling pressure after Constellium, a global peer, posted lower-than-expected earnings. Small-cap stocks fell more sharply than the Nifty 50 as retail investors sold off their holdings. Overall, the market sentiment remained weak.
Vaishali Parekh’s Market Outlook and Stock Picks
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said the market trend remains cautious and may only improve if the Nifty 50 index closes above 24,600. She cautioned that a drop below 24,350 could lead to more selling pressure. On a positive note, the Nifty Bank index has held above 51,000, and a break above 52,200 could further lift sentiment in banking stocks.
Parekh shared three stock recommendations for today:
- Bharat Forge – Buy at ₹1,428, with a target price of ₹1,450, and set a stop loss at ₹1,410.
- Titan Company – Buy at ₹3,333, aiming for a target of ₹3,420, with a stop loss at ₹3,300.
- Coromandel International – Buy at ₹1,641, target price set at ₹1,720, and stop loss at ₹1,600.
Market Insight for Today
Parekh noted that the Nifty 50 index has been holding near the 24,400 support level but needs a clear breakout above 24,600 to shift market bias to a more positive stance. A fall below 24,350 could push the index down further, with 24,000 as the next support level.
For the Bank Nifty index, support remains around the 51,000 mark, with potential upside if it breaks through 52,200. However, if it dips below 51,000, the next major support would be around 49,400, near the 200-day moving average.
Today, the Nifty’s key levels are a support of 24,250 and resistance at 24,600, while the Bank Nifty’s range is expected between 51,000 and 52,000.
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