Futures Indicate Flat Start for Nifty, Vaishali Parekh Recommends Three Stocks for Purchase

Indian Stock Market Witnesses Volatile Session, Closes Lower

The Indian stock market experienced a highly volatile session on Friday, with the key benchmark indices finishing lower on the monthly derivatives expiry day. The Nifty 50 index declined by 97 points and closed at 23,995, while the BSE Sensex lost 416 points and ended at 76,886. The Bank Nifty index crashed by 863 points or 1.54% and finished at 55,400.

Sectorally, the trend remained mixed, with energy, metals, and select pharma stocks lending support, while banking, auto, and financials faced notable pressure. The broader markets showed resilience, with midcap and smallcap indices advancing nearly half a percent each, indicating selective participation.

Gift Nifty Live Chart Signals Flat Trading

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The Gift Nifty live index has been trading flat since early morning deals, opening lower at 24,075 and making an intraday low of 24,072 within a few minutes. However, the index bounced back, reaching an intraday high of 24,128.

Market Outlook

Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is cautious but expects a flat opening on Wednesday, as the Gift Nifty index is signalling a flat-to-positive opening. Parekh notes that the Nifty 50 index witnessed a volatile session, finding resistance near the 24,200 zone and slipping down with profit booking seen to end near the 24,000 level.

Key Support and Resistance Levels

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Parekh emphasizes that the Nifty 50 index is hovering below the important 50-EMA zone at the 24,200 level, and the important hurdle of 24,300 needs to be breached decisively in the coming sessions to establish conviction and improve the bias overall. The index would have the important support zones at 23,500 and 23,200 levels, which need to be sustained.

Bank Nifty Outlook

On the outlook of the Bank Nifty today, Parekh said the index witnessed a weak session, breaching below the important support of the 55,800 zone with heavy profit booking, dragging the index down to close near the 55,400 level. The bias has weakened once again and would have the next support near the 54,400 level with bias turning into cautious mode.

Stock Recommendations

Parekh recommends the following stocks for buy and sell: