Buy or sell stocks: The Indian stock market witnessed heightened volatility throughout the Wednesday trading session. The Nifty 50 index gained 88 points and closed at 24,666. The BSE Sensex finished 182 points higher at 81,330. The Bank Nifty index lost 139 points and closed at 54,801. In addition to Metals and IT, the Real Estate and Energy sectors also outperformed. Positive momentum persisted in the broader markets, with the mid- and Small-Cap indices advancing by 1.11% and 1.44%, respectively, and outperforming the frontline indices.
Stock market today
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes the Indian stock market trend is cautious to positive as the Nifty 50 index is sustaining above 24,550. The Prabhudas Lilladher expert said the 50-stock index is in the 24,500 to 24,800 range. A bullish or bearish trend can be assumed on the breakage of either side of the range.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index has been volatile during the intraday session and after cooling off to some extent in the previous session has taken support near 24,550 zone, to indicate a revival with overall bias maintained positive to close in the green near 24,650 level. As mentioned earlier, the index would have the near-term support zone of 24,450 to 24,500 band where it can find some consolidation and once a decisive breach above the 24,800 zone is confirmed, then it can target the 25,200 and 25,400 levels in the coming days.”
“The Bank Nifty index has been gripped between a narrow range of 55,500 and 54,000 levels for quite some time, with consolidation witnessed, and would need a decisive breach above this band to confirm a positive trigger and anticipate a fresh upside move in the coming days. On the downside, as mentioned earlier, the important support zone of 54,000 needs to be sustained to maintain the overall bias intact,” said Parekh.
Parekh said that today, the Nifty has support at 24,500, while resistance is at 24,800. The Bank Nifty will have a daily range of 54,400 to 55,400.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended these three buy or sell stocks: Gujarat Pipavav Port, Jindal SAW, and Jupiter Wagons.
1] Gujarat Pipavav Port: Buy at ₹141, Target ₹146, Stop Loss ₹138;
2] Jindal SAW: Buy at ₹219, Target ₹226, Stop Loss ₹216; and
3] Jupiter Wagons: Buy at ₹382, Target ₹405, Stop Loss ₹370.
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.
