Buy or sell: Vaishali Parekh recommends three intraday stocks for today despite Trump's tariffs on India

Buy or sell stocks: After the Reserve Bank of India's monetary policy committee meeting, the outcome was announced, and the Indian stock market witnessed strong selling on Wednesday. The BSE Sensex slipped by 166.26 points, closing at 80,543.99, while the Nifty 50 index fell 75.35 points to settle at 24,574.20. Investor sentiment was further weighed down by former US President Donald Trump's renewed warning of increased tariffs on Indian exports.

Amid the broader market decline, both mid- and smallcap stocks came under pressure, with the NSE Midcap index dropping 0.8 per cent and the Smallcap index declining by more than 1 per cent.

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment has turned cautious as the Nifty 50 index closed to its crucial support level at 24,500 after sharp selling on Wednesday. Prabhudas Lilladher said the 50-stock index may try to touch 24,450 to 24,100 levels on breaching below these levels, as 50% of Trump's tariffs on India are expected to hit Indian GDP by nearly 30 bps if the tariff continues for one year.

Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, "The Nifty 50 index witnessed a slightly volatile session, holding on to the important support zone near the 24,500 level, with bias and sentiment precariously placed and would need to check for further development, which shall decide the future course of the trend. We continue to maintain our stance, with the crucial support positioned near the 24,500 zone, which needs to be sustained to maintain the overall trend intact, and, on the upside, a decisive breach above the important 50-DEMA level at the 24,900 zone is much required."

On the outlook of the Bank Nifty today, Parekh said, "The Bank Nifty index witnessed a rangebound session with 55,200 zone sustained and closed in the green with a marginal gain, indicating some hopes of a revival with HDFC Bank and ICICI Bank still maintained in their positive zone, expecting further improvement in the coming sessions. The index has the important 100-period MA at 56,700 level, which would be the next near-term support zone, and, on the upside, a decisive breach above the 50-DEMA zone at 56,000 level would improve the bias, thereafter, expecting further rise."

Parekh said that immediate support for the Nifty 50 index is placed at 24,450, while the resistance is seen at 24,800. The Bank Nifty would have the daily range of 54,800 to 56,000.

"The US President Donald Trump has imposed 50% tariffs on India as the Indian government declined to pause Russian crude oil imports. So, Trump's tariffs on India have doubled to 50%, which is expected to hit the national GDP by nearly 30 BPS if the current tariff continues for one year," Parekh concluded.

Regarding stocks to buy today, Vaishali Parekh recommended buying SBI, Sun Pharma, and TFCIL, three intraday stocks.

1] SBI: Buy at ₹805, Target ₹830, Stop Loss ₹790;

2] Sun Pharma: Sell at ₹1594, target ₹1560, Stop Loss ₹1620; and

3] TFCIL: Buy at ₹285, Target ₹303, Stop Loss ₹278.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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