Buy or sell stocks: After sharp selling on Friday last week, the Indian stock market witnessed strong value buying on Monday. The Nifty 50 index gained 221 points at 24,585, the BSE Sensex finished 746 points higher at 80,604, while the Bank Nifty index ended 505 points northward at 55,510. Leading the charge among the Nifty’s top performers were Adani Enterprises, Tata Motors, and Eternal. Conversely, it was a tougher session for Hero MotoCorp, BEL, and Bharti Airtel, which ended as the major losers within the Nifty pack. Trading volumes in the NSE cash market were sharply lower by 19% compared to last Friday.
With the sole exception of Nifty Consumer Durables, all other sectoral indices ended the day in the green. Nifty PSU Banks, Realty, Healthcare, and Auto led the charge, recording the highest gains and signalling a widespread return of investor confidence.
Stock market today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes Indian stock market sentiment has turned positive after the decent pullback in the Nifty 50 index from 24,350 levels. The Prabhudas Lilladher expert said the key benchmark index has ended close to 24,600, and the 50-stock index is facing a hurdle at 24,650.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index after scaling a low of 24350 in the zone in the previous session, the index witnessed a significant pullback to end near the 24,600 zone with sentiment eased out to some extent, and a decisive breach above the 24,630 zone would be required to improve the bias. The index would have the near-term support of 24,300, which needs to be sustained, and we expect further improvement in the coming sessions.”
On the outlook of the Bank Nifty today, Parekh said, “The Bank Nifty index, witnessing a recovery, moved with support of the 100-DEMA level of 54,950 to improve the bias. The index would have the tough resistance zone near the 56,000 level, while on the downside, the 54,900 zone shall be positioned as the crucial support level that needs to be sustained.”
Parekh said that the Nifty 50 index’s immediate support is at 24,400, while the resistance is at 24,800. The Bank Nifty’s daily range is 54,800 to 56,200.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended these three buy-or-sell stocks: IRFC, Laurus Lab, and Varun Beverages.
1] IRFC: Buy at ₹126, Target ₹130, Stop Loss ₹124;
2] Laurus Lab: Buy at ₹834, Target ₹860, Stop Loss ₹820; and
3] Varun Beverages: Buy at ₹511, Target ₹540, Stop Loss ₹500.
Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
