Best Intraday Stocks to buy – Vaishali Parekh

Global markets are trading with a positive bias, supported by strong gains in US equities after lower-than-expected November CPI data reinforced expectations of further US Fed rate cuts, triggering a risk-on sentiment. Optimism was further fuelled by better-than-expected results from Micron Technology and a robust revenue outlook, reviving confidence in the AI and technology space. As a result, the Nasdaq surged 1.38%, while the S&P 500 and Dow Jones advanced 0.79% and 0.14%, respectively. Stability in US bond yields and a sharp decline in the US VIX signal easing risk aversion and improving investor confidence.

Asian markets are also trading higher, with the Nikkei and Kospi edging up in early trade, although sentiment remains measured ahead of the Bank of Japan’s policy decision. With global volatility contained and liquidity supportive, the overall backdrop appears constructive and may lend a mildly positive undertone to Indian markets at the open. However, continued weakness in the rupee near record lows and delays in India–US trade negotiations remain key near-term overhangs, likely capping any sharp upside.

Commenting on the domestic market, Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher, said that Indian market sentiment remains cautious as the Nifty 50 pared its intraday gains after rebounding from the crucial 50-DEMA support near 25,750. The index closed around the 25,800 zone and continues to face stiff resistance near 26,000. According to her, a sustainable close above 26,000 is essential to revive bullish momentum, while a decisive breach below 25,750 could drag the index towards the 25,450–25,350 range.

Explaining the day’s market action, Parekh noted that the Nifty recovered sharply from a flat opening to test the 25,900 zone, but selling pressure near higher levels led to a loss of momentum, resulting in a flat close. The index is forming a lower-top structure on the daily chart, with resistance seen near 26,050. She added that the Nifty would require a pullback and convincing close above 26,000 to regain strength and signal further upside in the coming sessions.

On Bank Nifty, Parekh observed that the index remained volatile and ended flat, after touching an intraday high near 59,200 before slipping to close around 58,900. While the overall bias remains intact, she advised a cautious approach, highlighting 58,700 as a crucial support zone. Given the prolonged range-bound movement, a decisive breakout above 59,600 is needed to establish conviction for the next leg of the rally. She expects immediate support for Nifty at 25,700, while Bank Nifty is likely to trade in a 58,500–59,600 range in the near term.