Buy or sell stocks: Despite high volatility throughout the session, the Indian stock market ended on a positive note on Monday. The Nifty 50 index finished 41 points higher at 25,763, while the BSE Sensex added 39 points and closed at 83,978. The Bank Nifty index, however, shot up 325 points and closed at 58,101. Broader market indices outperformed the benchmarks, with the BSE Mid-cap index rising 0.6% and the BSE Small-cap index gaining 0.7% by the end of the session.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment has improved as the Nifty 50 index bounced back from 25,650 and approached 25,800. The Prabhudas Lilladher expert aid the key benchmark index may soon touch 26,100.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50, after witnessing two sessions of profit booking, indicated a revival from the 25,650 zone to touch the 25,800 level during the intraday session, improving the bias with the broader markets also showing active participation to support the index, expecting for further upward movement in the coming sessions. With the overall trend still maintained positive, the index can improve further till the 26,100 zone, above which a decisive move can further trigger fresh upward movement in the coming days, with the important support positioned near the 25,400 zone, as mentioned earlier.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index witnessed a decent recovery once again to continue with the rangebound movement between 57,500 and 58,500 zone and only a decisive breach above 58,500 zone, when confirmed, we can expect for fresh upward move for the next target of 60,000 level in the coming days, with the crucial near-term support positioned near the 57,500 zone which needs to be sustained to maintain the overall bias intact.”
Parekh stated that immediate support for the Nifty 50 index is located at 25,600, while the resistance level is at 26,000. The Bank Nifty is expected to have a daily range of 57,700 to 58,600.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three buy-or-sell stocks: Himatsingka Seide, HFCL, and IGL.
1] Himatsingka Seide: Buy at ₹124, Target ₹133, Stop Loss ₹120;
2] HFCL: Buy at ₹76, Target ₹82, Stop Loss ₹74; and
3] IGL: Buy at ₹212, Target ₹220, Stop Loss ₹208.
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.
