Buy or sell stocks: After an intensified selling during the early morning session on Monday, the Indian stock market witnessed a sharp rebound in the second half. The Nifty 50 index, after making an intraday loss of 22,955, bounced back strongly and finished 257 points higher at 23,408. The BSE Sensex gained 938 points and closed at 75,502. The Bank Nifty index ended 655 points northward at 54,413.
Among sectors, Auto and Financial indices rallied over 1%, whereas Oil & Gas and Realty indices lost the most, shedding over 1.5%.
Stock market today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladdher, believes the undertone of the Indian stock market is cautious despite a strong pullback on Monday. The Prabhudas Lilladher expert said the Nifty 50 index would need to sustain such a positive move until it breaches the 24,400 zone to provide clarity for bulls.
Speaking on the outlook for the Nifty 50 today, Vaishali Parekh said the 50-stock index, after hitting an intraday low of around 22,950, witnessed a sharp bounce in the last hours of the session, closing near the 23,400 zone, indicating some relief.
“The Nifty 50 index would need to carry on such a positive move till it breaches above the 24,400 zone, as mentioned earlier, to establish some conviction and get clarity for further upward move in the coming days. With the sentiment and bias maintained very weak, the index would need to sustain the important support of the 23,000 zone as of now,” said Parekh.
On the outlook for the Bank Nifty today, Parekh said the index showed some resilience near its previous important bottom in the 53,500 zone and, after making an intraday low at 53,260, bounced back to close near the 54,400 zone, with some buying interest visible in the fag end of the session.
“The Bank Nifty index has a long way to go and would need to breach above the 56,500 zone to establish some clarity and conviction to anticipate further developments in the coming days. The current low made near the 53,300 zone would be the important support for the index as of now,” Parekh said.
Vaishali Parekh’s stock recommendations for today
Regarding stocks to buy today, Vaishali Parekh recommended these three buy-or-sell stocks for intraday trading: Adani Green Energy, Zen Technologies, and Poonawalla Fincorp.
1] Adani Green Energy: Buy at ₹870, Target ₹1000, Stop Loss ₹855;
2] Zen Technologies: Buy at ₹1410, Target ₹1450, Stop Loss ₹1390; and
3] Poonawalla Fincorp: Buy at ₹418, Target ₹440, Stop Loss ₹410.
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.
