Buy or sell stocks: Following the relief brought by the ceasefire in India-Pakistan tension and encouraging developments in the US-China trade deal, the Indian stock market witnessed strong buying on Monday. The Nifty 50 index skyrocketed 916 points and closed at 24,924. The BSE Sensex finished 2,975 points higher at 82,429. The Bank Nifty index ended 1,787 points northward at 55,382. All the sectors ended in green, with IT, realty, and metal emerging as the top performers. In the broad market, the Mid-cap and Small-cap indices soared over 4% and outshone the frontline indices.
Stock market today
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is positive. The Nifty 50 has decisively broken above the crucial hurdle of 24,800. The Prabhudas Lilladher expert went on to add that the Nifty may soon touch 25,300 and 25,800.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index witnessed a big gap-up opening with Border Ceasefire news, which has indicated a robust move with the bulls gaining strength over the bears, closing above the previous peak of the 23,800 zone, and with further targets of 25,300 and 25,800 levels expected, the bias and sentiment have turned overall positive as of now. The important 200-DMA zone of the 24,050 level shall be the major support for the short term.”
“The Bank Nifty index has indicated a strong move past the 55000 zone to improve the overall bias, and a decisive move past the 55900 levels shall further strengthen the trend to anticipate a further rise in the coming days with targets of 56700 and 59020 levels open. The index would have the immediate support of the 54000 level, and with frontline banking stocks beginning to gain momentum, the overall sentiment looks positive,” said Parekh.
Parekh said that support for Nifty today is placed at 24,700, while the resistance is at 25,200. The Bank Nifty would have the daily range of 54,500 to 56,000.
Vaishali Parekh’s recommended stocks
Regarding stocks to buy today, Vaishali Parekh recommended these three buy or sell stocks: Firstsource Solutions Ltd or FSL, Petronet LNG, and NCC.
1] FSL: Buy at ₹345, Target ₹365, Stop Loss ₹330;
2] Petronet LNG: Buy at ₹315, Target ₹330, Stop Loss ₹309; and
3] NCC: Buy at ₹220, Target ₹226, Stop Loss ₹216.
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 taking any investment decisions.
