Buy or sell stocks: Amid broad-based buying, the key benchmark indices of the Indian stock market staged robust gains on Friday last week. The Nifty 50 index finished 243 points higher at 24,853. The BSE Sensex surged 769 points and closed at 81,721. The Bank Nifty index ended 456 points higher at 55,398. The broader market mirrored the benchmark’s performance, with the BSE Mid-cap and Small-cap indices advancing 0.5% and 0.45%, respectively, signalling a healthy risk appetite among investors.
Stock market today
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes the Indian stock market bias has turned positive. The Nifty 50 index witnessed a strong bounce back from 24,500 levels, and the Prabhudas Lilladher expert said it is set to touch 25,400 soon.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index has indicated a strong pullback from near the 24,500 zone with a bullish candle formation on the daily chart with overall bias maintained and can anticipate for further rise in the coming sessions with upside targets 25,400 and 25,600 levels expected. As mentioned earlier, the index would have a crucial support zone near the 24,500 level. A decisive breach above the 25,000 zone shall trigger fresh upward movement with the broader markets also showing active participation to support the benchmark index.”
“The Bank Nifty index has indicated a strong bullish candle formation with bias improving. Most of the frontline banking stocks have shown positive signs of upward move, accompanied by most PSU banks, which look good. As mentioned earlier, the index needs to breach above the 55,700 zones decisively to trigger a fresh upward move, having targets of 57,200 and 58,500 possible in the coming days,” said Parekh.
Parekh said that today, support for the Nifty is at 24,700, while resistance is at 25,100. The Bank Nifty will have a daily range of 55,000 to 56,000.
Vaishali Parekh’s recommended stocks
Regarding stocks to buy today, Vaishali Parekh recommended three buy or sell stocks: MMTC, Chambal Fertilisers and Chemicals, and Jindal SAW.
1] MMTC: Buy at ₹64, Target ₹70, Stop Loss ₹60;
2] Chambal Fertilisers and Chemicals: Buy at ₹597, Target ₹630, Stop Loss ₹585; and
3] Jindal SAW: Buy at ₹216, Target ₹225, Stop Loss ₹210.
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.
