Buy or sell stocks: The Indian stock market ended lower on Friday as profit-booking triggered on the weekend after a strong rally in the previous sessions. The Nifty 50 index finished 42 points lower at 25,019, the BSE Sensex lost 200 points, and the Bank Nifty index ended marginally lower at 55,354. However, the broad market outperformed key benchmark indices last week, with the Nifty Midcap100 and Smallcap100 gaining 9.5% and 11.3%, respectively.
Stock market today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market bias is optimistic despite the Nifty 50 consolidating around 25,000 levels. The Prabhudas Lilladher expert said the Nifty 50 index may soon touch 25,400 and 25,800 levels.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index, taking a breather witnessed consolidation near the 25000 zone after the robust in the previous session and maintaining the bias positive and optimistic, can expect for further rise having fresh upside targets of 25400 and 25800 levels in the coming days, as mentioned earlier. The index would have the major support now positioned near the 24500 level, which needs to be sustained to maintain the overall bias intact.”
“The Bank Nifty index remained sluggish throughout the session with a narrow rangebound movement near the 55300 zone and with bias maintained intact would need to break above the important hurdle of 55500 level and thereafter expect further upward move for targets of 56600 and 58500 levels in the coming days. On the downside, as mentioned earlier, the important support zone lies near the 54000 zone, which needs to be sustained to maintain the overall bias intact,” Parekh said.
Parekh further said that support for the Nifty today is at 24800, while resistance is at 25200. The Bank Nifty would have a daily range of 54800-56000.
Vaishali Parekh’s recommended stocks to buy
Regarding stocks to buy today, Vaishali Parekh recommended these three buy or sell stocks: HCC, ELGI Equipments, and EMS.
1] HCC: Buy at ₹30, Target ₹36, Stop Loss ₹28;
2] ELGI Equipments: Buy at ₹478, Target ₹510, Stop Loss ₹460; and
3] EMS: Buy at ₹634, Target ₹655, Stop Loss ₹620.
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 taking any investment decisions.
