Best Intraday Stocks to buy – Vaishali Parekh

Indian benchmark indices remained under pressure for the third consecutive session last week, with bears dominating sentiment. The NIFTY 50 declined 679 points over the three sessions, while the BSE Sensex dropped more than 2,600 points between Wednesday and Friday. NIFTY Bank also weakened sharply, slipping from 57,371 on Tuesday to 56,089 by Friday — a fall of nearly 1,300 points.

Among sectoral indices, IT stocks saw heavy selling pressure with the IT index correcting over 10%. In contrast, FMCG and Energy stocks showed resilience, gaining more than 2% despite broader market weakness. Profit booking at higher levels dragged the market below the key 50-day SMA zone of 24,300 on Nifty and 78,000 on Sensex, after which selling intensified.

Gift Nifty Signals Gap-Up Opening

GIFT NIFTY opened higher at 24,051 and extended gains to touch 24,135 in early trade, indicating a likely gap-up start for Indian equities today.

Stock Market Today

According to Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher, the market may open positive tracking Gift Nifty strength, but the overall bias remains cautious after Friday’s sharp fall below the 24,000 mark.

She noted that Nifty now has immediate support near 23,500, followed by a stronger zone at 23,000. If these levels fail, further downside pressure may emerge. On the upside, 24,300 remains a crucial resistance level, and a decisive breakout above it would be required to improve sentiment.

Bank Nifty Outlook

Parekh said Bank Nifty slipped below its important 50-EMA near 56,300 and closed close to 56,000, signalling a weak undertone for near-term trade.

She highlighted that immediate support is placed at 55,000, followed by a stronger base at 53,500. If these levels are not sustained, further weakness may continue. On the upside, the 57,300 zone near the 200-period moving average remains a key hurdle that needs to be crossed decisively for trend reversal.

Strategy for Traders

While a gap-up opening is indicated, traders should remain selective and watch key resistance levels closely. Sustaining above resistance zones can trigger recovery, while failure may lead to fresh selling pressure.