After a major crash in global markets, the Indian stock market also took a big hit on Monday. The Nifty 50 index dropped 667 points, closing at 24,049. The BSE Sensex fell by 2,222 points, ending at 78,759. The Bank Nifty index went down by 1,294 points, closing at 50,056. The small-cap index fell by 4.21%, and the mid-cap index dropped by 3.60%.
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes that heavy selling in the Indian stock market happened due to weak Asian markets and geopolitical tensions in the Middle East. She said that the Nifty 50 index has crucial support at 23,700. If it falls below this level, the market outlook will worsen.
Vaishali Parekh’s Stock Recommendations for Today:
Dabur India:
- Buy at ₹634
- Target: ₹665
- Stop Loss: ₹620
Alkem Laboratories:
- Buy at ₹5314
- Target: ₹5560
- Stop Loss: ₹5200
Tata Consumer:
- Buy at ₹1199
- Target: ₹1248
- Stop Loss: ₹1174
Regarding the stock market outlook today, Parekh said, “The Nifty index is under pressure due to weak global cues, especially from Asian markets, and geopolitical tensions in the Middle East. This has significantly weakened the market sentiment. The index has crucial support at the 23,700 zone. If this support is broken, it will trigger more selling pressure.”
For the Bank Nifty index, Parekh noted, “It opened weak below the significant 50EMA level of 51,000 and fell below the 50,000 zone during the day. It has the next crucial support at the 49,500 zone.”
She added that immediate support for Nifty today is at 23,900, with resistance at 24,200. The Bank Nifty’s daily range would be 49,500 to 50,600.
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