News

Buy or sell stocks: The Indian stock market may remain under pressure following the sharp negative reaction to the Union Budget 2026–27, triggered by a surprise hike in the Securities Transaction Tax (STT) on derivatives. Futures STT has been raised to 0.05% from 0.02%, while options STT has been increased to 0.15% from 0.10%/0.125%, significantly raising trading costs and weighing on F&O-heavy stocks and brokerage counters.

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is weak as the Nifty 50 index has broken and sustained below the 200-DEMA placed at 25,200. The Prabhudas Lilladher expert said the 50-stock index is in the range of 24,400 to 25,200 and the key index may try to touch the lower levels of this range if it soon doesn't come above 25,200 on a closing basis.

Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index witnessed a highly volatile session and post the Budget session announcement tanked heavily with profit booking seen to hit a low, almost touching the 24,500 zone during the intraday session, with sentiment shaken and bias turning weak. A big bearish candlestick indicating a breach below the 200-period MA at the 25,200 zone has triggered pessimism, and the index is maintaining a very cautious approach; the next major support is near the 24,400 zone. The index would need to close above the 25,200 zone for the bias to improve and thereafter, establish conviction for further rise.”

On the outlook of the Bank Nifty today, Parekh said, “The Bank Nifty index plunged heavily with a huge red candle on the daily chart, hitting the low near the 57,800 zone during the intraday session, with bias weakening and breaching the important support levels as of now, with further slide anticipated in the coming sessions. As mentioned earlier, the index would have the important and crucial support positioned near the significant 200-period MA at 56,800-zone, which needs to be sustained, failing which the overall trend would turn bearish.”

Parekh stated that immediate support for the Nifty 50 index is located at 24,600, while the resistance level is at 25,000. The Bank Nifty is expected to have a daily range of 57,600 to 59,000.

Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks for intraday trading: TCS, Delhivery, and RateGain.

1] TCS: Buy at ₹3186, Target ₹3310, Stop Loss ₹3120;

2] Delhivery: Buy at ₹436.80, Target ₹460, Stop Loss ₹426; and

3] RateGain: Buy at ₹629.45, Target ₹665, Stop Loss ₹615.

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

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

Download the Mint app and read premium stories

Log in to our website to save your bookmarks. It'll just take a moment.

Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.