Buy or sell stocks: The key benchmark indices of the Indian stock market experienced a volatile trading session on Tuesday. After a roller-coaster activity, the Nifty 50 index ended 30 points lower, while the Sensex declined by 151 points. Among sectors, Metal and PSU Bank indices outperformed, rallying over 1 per cent, whereas the Reality index lost the most, shedding over 1 per cent.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is positive, as the Nifty 50 index has closed around the 25,950 level. The key benchmark index is facing a hurdle at 26,000, and it may reach 26,300 if it breaks decisively above this level.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index witnessed a volatile session, finding resistance near the 26,000 zone and amid fluctuations, hit the low of 25,800 level on the monthly expiry day to finally close near the 25,950 level with bias maintained with a cautiously positive approach. As mentioned earlier, the index having the important support positioned near the 25,400 zone would need a decisive breach above the 26,000 zone to trigger a fresh upward move having near-term targets of 26,300 and 26,700 levels in the coming days.”
On the outlook of the Bank Nifty index, Parekh said, “The Bank Nifty index amid fluctuations resisted near the 58,300 zone and recovered from the 57,800 level to close near the 58,200 level with consolidation visible since the last 3-4 sessions. With the overall bias maintained at a positive level, the index is expected to have its next target at the 60,000 level once the 58,600 zone is breached above to establish conviction. On the downside, as mentioned earlier, the near-term support near the 57,300 zone would be crucial, which needs to be sustained to maintain the overall trend intact.”
Parekh stated that immediate support for the Nifty 50 index is located at 25,800, while the resistance is positioned at 26,200. The Bank Nifty is expected to have a daily range of 57,800 to 58,800.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended these four buy-or-sell stocks: GNFC, Jubilant Ingrevia, and Gokul Agro Resources.
1] GNFC: Buy at ₹509.30, Target ₹535, Stop Loss ₹498;
2] Jubilant Ingrevia: Buy at ₹692.35, Target ₹725, Stop Loss ₹677; and
3] Gokul Agro Resources: Buy at ₹174, Target ₹183, Stop Loss ₹170.
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.
