Buy or sell stocks: The Indian stock market continues to trade highly volatile for another session, providing opportunities for both bulls and bears. The Nifty 50 index once again failed to breach above 25,000 and finished 174 points lower at 24,826. The BSE Sensex ended 624 points lower at 81,551, while the Bank Nifty index corrected 219 points and closed at 55,352. Sector-wise, PSU banking and realty emerged as the top performers, while FMCG and IT corrected the most. The Mid-cap and the Small-cap segments outperformed the key benchmark indices by closing in green.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market bias is positive as the Nifty 50 index is above 24,500. The Prabhudas Lilladher expert said the Nifty 50 index may touch 25,400 once it breaks and sustains above 25,000 levels.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index amid high volatility witnessed a steep fall in the morning session to hit the low near the 24750 zone thereafter to regain strongly but once again found resistance near the 25,000 level to slip down to end the session near 24800 level with overall bias maintained positive. The index must exceed the 25,000-level barrier to continue with the upward journey. At the same time, on the downside, the 24500 zone is positioned as the important support level which needs to be sustained to maintain the overall bias intact.”
“The Bank Nifty index repeatedly has been failing to conquer the tough hurdle of the 55800 zone with profit booking dragging the index to end inside the narrow band of 55800 and 54400 levels with bias maintained positive and, as mentioned earlier, a decisive breach above the 55800 zone is much needed to trigger for fresh upward move having targets of 57200 and 58500 levels possible in the coming days,” said Parekh.
Parekh said that today, the Nifty has immediate support at 24,700, while the resistance is at 25,000. The Bank Nifty would have a daily range of 55,000 to 56,000.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended these three buy or sell stocks: Reliance Power, Aarti Industries, and Refex Industries.
1] Reliance Power: Buy at ₹52, Target ₹56, Stop Loss ₹47;
2] Aarti Industries: Buy at ₹477, Target ₹505, Stop Loss ₹468; and
3] Refex Industries: Buy at ₹459, Target ₹480, Stop Loss ₹445.
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.
