Buy or sell stocks: After a strong start, the Indian stock market indices extended their early morning gains but soon came under sell-off pressure at higher levels in the second half of Wednesday. However, the key benchmark indices managed to end higher despite losing most of their morning gains. The Nifty 50 index finished 129 points higher at 24,813. The BSE Sensex gained 410 points and closed at 81,596. The Bank Nifty index added 197 points and regained the 55,000 peak.
All the sectors ended the day in green, with realty and pharma being the top performers. In the broader market, there was a mixed performance, as Midcaps slightly outperformed, whereas Smallcaps underperformed the key benchmark indices.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is positive. The Prabhudas Lilladher expert said the Nifty 50 index has an immediate base at the 24,700 zone, while crucial support is at 24,500.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index with the overall trend maintained positive witnessed a recovery amid the volatile session from near the 24700 zone to end on a positive note near the 24800 level with anticipation of retesting the 25000 zone in the coming session. The overall bias is maintained strong with the index indicating an ascending channel pattern on the daily chart with crucial support positioned near 24500, while on the upper side, a decisive breach above the 25000 zone shall trigger a fresh upward move in the coming days.”
“The Bank Nifty index continues to move within the tight range of 55700 and 54500 zones, close to the 55000 level, with the overall trend maintained positive. As mentioned earlier, we maintain our stance of the crucial support positioned near the 54000 level, which needs to be sustained. At the same time, a decisive breach above the 55800 zone shall trigger a breakout, and thereafter, we expect a fresh rise in the coming days,” said Parekh.
Parekh said that today, support for the Nifty is at 24,650, while resistance is at 25,000. The Bank Nifty will have a daily range of 54,600 to 55,600.
Vaishali Parekh’s recommended stocks
Regarding stocks to buy today, Vaishali Parekh recommended these three buy or sell stocks: Hindustan Zinc, Confidence Petroleum, and Astral.
1] Hindustan Zinc: Buy at ₹442, Target ₹470, Stop Loss ₹430;
2] Confidence Petroleum: Buy at ₹57.65, Target ₹63, Stop Loss ₹55; and
3] Astral: Buy at ₹1380, Target ₹1450, Stop Loss ₹1340.
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.
