1 week Ago
Buy or sell stocks: The Indian stock market started the new week on a firm footing as the key benchmark indices witnessed robust buying. The Nifty 50 index surged 289 points and closed at 24,328, the BSE Sensex shot up over 1,000 points and closed at 80,218, while the Bank Nifty index finished 768 points higher at 55,432. Reliance Industries and State Bank of India (SBI) led from the front and bolstered key benchmark rallies during Monday deals.
The market sentiment remained buoyant, with both mid-cap and small-cap segments echoing the positive trend. Stock market today Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes the Indian stock market has erased nervous sentiments after a significant bounce back on Monday. The Prabhudas Lilladher expert said the Nifty 50 index has once again crossed the 200-DEMA of 24,050 and closed near the crucial hurdle placed at 24,350.
A bullish trend can be assumed once the 50-stock index breaks decisively above this resistance. Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, "The Nifty 50 index witnessed a significant bounce back to regain strength and has once again arrived at the crucial resistance hurdle of the 24350 zone, erasing the nervous sentiment indicated after last week's heavy profit booking activity. Currently, the index has maintained near the important 200-period SMA at the 24050 level and, on the upside, would need a decisive breach above the resistance zone of the 24350 level to trigger a breakout, anticipating a further rise in the coming days.
" "The Bank Nifty index, after the short span of profit booking witnessed, has indicated a strong pullback to close above the 55400 zone and maintain the previous peak zone of 54500 zone as support has improved the bias to anticipate a further upward move in the coming sessions. As mentioned earlier, the index would have near-term support positioned near the 53800 level, which needs to be sustained in the coming sessions, and a decisive breach above the 56000 zone shall trigger the fresh upward move with targets of 57400 and 58600 levels achievable," said Parekh. Parekh said that today, support for the Nifty is at 24,200, while resistance is at 24,600.
The Bank Nifty will have a daily range of 55,000 to 56,000. Vaishali Parekh's stock recommendations Regarding stocks to buy today , Vaishali Parekh recommended these three buy or sell stocks: ABB India , Godrej Properties , and NBCC India . 1] ABB India: Buy at ₹ 5540, Target ₹ 6200, Stop Loss ₹ 5200; 2] Godrej Properties: Buy at ₹ 2122, Target ₹ 2250, Stop Loss ₹ 2050; and 3] NBCC India: Buy at ₹ 98, Target ₹ 104, Stop Loss ₹ 95.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
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