Buy or sell stocks: Despite a strong opening, the Indian stock market failed to build on the initial momentum and traded within a narrow range throughout the Monday session. The Nifty 50 index added 148 points and regained the psychological 25,000 mark. The BSE Sensex went up 455 points and closed at 82,176, while the Bank Nifty index scaled 173 points and finished at 55,572. All the sectors closed in green, with auto and IT leading the gains. In the broader markets, a mixed trend was observed where the Mid-cap Index moved largely in line with the key benchmark indices, whereas the Small-cap Index lagged.
Stock market today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market has gained strength as the Nifty 50 index has tested 25,000 after the strong bounceback from 24,460 levels. The Prabhudas Lilladher said the benchmark index is set to touch 25,400 soon.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index has regained strength after witnessing two sessions of winning streak from the low made near 24,460 zones and has retested the 25,000 level once again expecting for a further rise in the coming sessions. With the undertone maintained positive along with the broader markets indicating active participation, the index is maintained positive and can anticipate higher targets of 25,400 and 25,600 levels in the coming days. As mentioned earlier, the crucial support zone would be positioned near the 24,500 level, which needs to be sustained.”
“The Bank Nifty index once again touched the 55800 zone, where it found resistance and slipped with profit booking seen to witness consolidation overall with the bias maintained cautiously positive anticipating for upward movement in the coming days. As mentioned earlier, the index needs to breach above the 55,800 zones decisively and, thereafter, trigger a fresh upward move, having targets of 57,200 and 58,500 levels possible in the coming days,” said Parekh.
Parekh said that today, support for the Nifty is at 24,850, while resistance is at 25,200. The Bank Nifty would have a daily range of 55,200 to 56,000.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended buying these three buy-or-sell stocks: Jamna Auto, HUDCO, and IFCI.
1] Jamna Auto: Buy at ₹92, Target ₹96, Stop Loss ₹90;
2[ HUDCO: Buy at ₹238, Target ₹250, Stop Loss ₹232; and
3] IFCI: Buy at ₹57, Target ₹65, Stop Loss ₹54.
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.
