Buy or sell stocks: After a strong opening, the Indian stock market once again failed to sustain at higher levels and erased all its gains on Thursday. The Nifty 50 index ended 81 points higher at 24,833, the BSE Sensex finished 320 points higher at 81,633, while the Bank Nifty index gained 129 points and closed at 55,546. Among the sectors, metal and realty were the top performers, while marginal pressure was witnessed in the PSU banking and FMCG segments. The Mid-cap and Small-cap indices extended their outperformance by ending the trade with gains of 0.55% and 0.59%, respectively.
Stock market today
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes the Indian stock market bias is cautious to positive until the Nifty 50 index is above 24,500. The Prabhudas Lilladher expert said the key benchmark index is facing a hurdle at 25,000. On breaking above 25,000 on a closing basis, the 50-stock index may soon touch 25,400.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index has been consolidating near the 24,750 zone for most of the session with the last hour finding some acceleration to close above the 24,800 zone with overall bias maintained positive and can expect for further upward movement in the coming days. As mentioned earlier, the index must exceed the 25,000-level barrier to continue the upward journey. At the same time, on the downside, the 24500 zone is positioned as the important and strong support level which needs to be sustained to maintain the overall bias intact.”
“The Bank Nifty index continues to oscillate between the narrow range of 55,800 zone, which is acting as a tough hurdle, and on the downside is supported by the 54,400 zone, which needs to be sustained to maintain the positive bias intact. A decisive breach above the 55,800 level shall trigger a fresh upward move with targets of 57,700 and 60,300 levels achievable in the coming days,” Parekh said.
Parekh said that today, the Nifty’s support is at 24,700, while the resistance is at 25,000. The Bank Nifty index would have a daily range of 55,200 to 56,000.
Vaishali Parekh’s stock recommendations
Regarding stocks to buy today, Vaishali Parekh recommended buying these three buy or sell stocks: IdeaForge, Graphite India, and Nava.
1] IdeaForge: Buy at ₹540, Target ₹570, Stop Loss ₹528;
2] Graphite India: Buy at ₹553, Target ₹585, Stop Loss ₹542; and
3] Nava: Buy at ₹474, Target ₹500, Stop Loss ₹462.
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.
