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Stock market today: The key benchmark indices of the Indian stock market continued their losing streak on Thursday, with Nifty settling near the 24,500 mark, reflecting the continuation of the selling pressure. The sharp decline in the last two sessions can be attributed to implementing the 50% US tariff on Indian goods, which has heightened worries about India's export competitiveness and trade relations. 

While domestic institutional investors (DIIs) provided some support by stepping in as net buyers, the persistent FII outflows amplified the impact of the US tariffs, leading to a broad-based selloff. At close, the Sensex was down 705.97 points or 0.87% at 80,080.57, and the Nifty was down 211.15 points or 0.85% at 24,500.90.

Vaishali Parekh, Vice President of Technical Research at Prabhhudas Lilladher, believes the Indian stock market sentiment has weakened as the Nifty 50 index closed around the crucial support placed at 24,500. The Prabhudas Lilladher expert said the 50-stock index may try to test 200-DEMA support at 24,000 if the key benchmark index breaks below 24,500.

Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, "The Nifty 50 index extended the losses with another big bearish candle to plunge more than 200 points, closing at the crucial and important support zone of 24500 level and is precariously placed with bias and sentiment turning weak. The bias is maintained with a cautious approach. As mentioned earlier, technically, the index breaching the 24500 level decisively would have the next major support near the significant 200-period SMA at the 24000 zone, which needs to be sustained."

On the outlook of the Bank Nifty today, Parekh said, "The Bank Nifty index plunged further to break the 54000 level with bias turning very weak, losing almost 2000 points from near the 50EMA level at 55700 in the last four sessions and is precariously placed as of now. The index has the next major support near the significant 200-period SMA at 52900, which needs to be sustained to maintain the overall trend intact and anticipate a revival in the coming days."

Parekh said that immediate support for the Nifty 50 index is placed at 24350, while the resistance is seen at 24700. The Bank Nifty would have the daily range of 53400-54400.

Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: Ramkrishna Forgings, Gokul Agro Resources, and Rico Auto Industries.

1] Ramkrishna Forgings: Buy at ₹572.80, Target ₹600, Stop Loss ₹560;

2] Gokul Agro Resources: Buy at ₹331.35, Target ₹345, Stop Loss ₹324; and

3] Rico Auto Industries: Buy at ₹90.40, Target ₹95, Stop Loss ₹88.

Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.

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