Indian Stock Market Update

The Indian stock market is likely to remain under sustained selling pressure due to deteriorating global risk appetite following the widening Israel–US–Iran war across the Middle East. This has triggered a sharp surge in crude oil prices, amplifying inflation and supply concerns.

Market Sentiment

According to Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, the Indian stock market sentiment is weak. The Nifty 50 index has crucial support at 24,500. A break below this level would lead to further sell-offs in the Indian stock market.

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Nifty 50 Index

The Nifty 50 index witnessed a huge gap-down opening, hitting an intraday low near the previous major low of 24,570 level, driven by intensified global tensions in the Middle East. The index has crucial support at 24,500, failing which it may drag till 24,200-24,300 levels. The previous year's March low of around 22,000 zone would be the major support in the worst-case scenario.

Bank Nifty Index

The Bank Nifty index plunged heavily, opening with a gap down below the important 50-EMA level at 60,000, weakening the bias and sentiment. The 57,800 level is the next important support for the index. The 200-period MA lies at the 57,500 zone, which would be the crucial support to be watched for in the coming days.

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Stock Recommendations

Vaishali Parekh recommended three buy-or-sell stocks for intraday trading:

1. Anand Rathi Wealth: Buy at ₹3132, target ₹3350, stop loss ₹3050.
2. Sagility India: Buy at ₹38, target ₹42, stop loss ₹37.
3. Crompton Greaves: Buy at ₹253, target ₹265, stop loss ₹248.