Stocks to buy today | Vaishali Parekh's stock recommendations for today: The key benchmark indices of the Indian stock market opened sharply lower and remained under pressure as markets witnessed a sell-off following the RBI’s rate hike. The central bank raised rates by 25 basis points and shifted its stance to “calibrated tightening,” triggering a negative reaction across the benchmarks. Continued weakness in the rupee further weighed on investor sentiment.
The Nifty 50 declined 0.76% to close at 22,603, while the Sensex fell 0.59% to close at 72,638.
On the sectoral front, PSU Banks and Media were the key gainers, while Metal, Realty, Auto and IT remained the major laggards. The broader market remained mixed, with the Nifty Midcap 100 declining 0.63%, while the Nifty Smallcap 100 gained 0.30%.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market is biased toward caution, as the 50-stock index remains below 23,000. She said the Nifty 50 index is trading in a broader range of 22,000 to 23,000. A bullish or a bearish trend can be assumed on the breakage of either side of the range.
Speaking on the outlook for the Nifty 50 index, Vaishali Parekh said, the 50-stock index amid volatility slipped in the final hours to end in the red near the 22600 zone with bias still maintained with a cautious approach, with clarity yet to be established and a need to wait for further developments in the coming sessions to confirm further movement on the index.