Buy or sell stocks: Extending the recovery from Friday’s lows, the Indian stock market opened with an upside gap and ended higher on Monday. The Nifty 50 index finished 229 points higher at 24,946, the BSE Sensex ended 677 points higher at 81,796, while the Bank Nifty index gained 417 points and closed at 55,944. BEL, HDFC Life and SBI Life emerged as major gainers on the Nifty. At the same time, Tata Motors, Dr Reddy and Sun Pharma bore the brunt of significant selling pressure, ultimately closing the session as major losers.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market bias is cautious and optimistic as the Nifty 50 index is in the 24,500 to 25,200 range. The Prabhudas Lilladher expert said that a bullish or bearish trend could be assumed on the breakage of either side of this range.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 extended the gains further ahead with a steady rise as the day progressed and closed above the 24,900 zone with sentiment much better placed and anticipating further positive developments in the coming sessions. As mentioned earlier, the index would have the crucial and important support zone near the 24,500 zone, and a decisive move above the 25,200 level shall trigger a fresh rise in the coming days to strengthen the trend.”
“The Bank Nifty index witnessed a significant recovery from the low made near the 55150 zone in the previous session and ended with a much optimistic note near the 56,000 zone with most of the banking stocks showing a decent bounce back and improving the bias to anticipate for further upward movement for the index. Once again, a decisive move above the 56,000 zone is confirmed; it shall turn the bias positive and with near-term support positioned near the 55,000 level, one can expect the index to retest the peak zone of 57,000 levels in the coming days,” said Parekh.
Parekh said that support for Nifty today is placed at 24,800, while the resistance is at 25,200. The Bank Nifty will have a daily range of 55,500 to 56,500.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended these three buy or sell stocks: GMR Airports, MCX, and Allied Blenders and Distillers (ABDL).
1] GMR Airports: Buy at ₹83.70, Target ₹87, Stop Loss ₹82;
2] MCX: Buy at ₹7842, Target ₹8200, Stop Loss ₹7600; and
3] ABDL: Buy at ₹433, Target ₹460, Stop Loss ₹420.
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 making any investment decisions.
