Buy or sell stocks for today: Despite weak global market sentiments on the hawkish US Fed meeting outcome, the Indian stock market ended higher for the third straight session. The Nifty 50 index finished 75 points higher at 23,398, and the BSE Sensex scaled 204 points north and ended at 76,810. However, the Bank Nifty index went off 48 points and closed at 49,846. Cash market volumes on the NSE rose about 7% to ₹1.29 lakh crore. The broad market indices rose more than the Nifty even as the advance-decline ratio fell to 1.52:1.
Vaishali Parekh’s stock recommendations for today
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes that the Nifty 50 index faces resistance from 23,400 to 23,450. The Prabhhudas Lilladher expert said that a decisive close by Nifty above 23,450 can be assumed as a fresh rally in the Indian stock market. She noted that Nifty today has immediate support at 23,200.
Also Read: Trade setup for stock market today: Five stocks to buy or sell on Friday
Regarding stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three buy or sell stocks for today: Max Financial Services Limited, Hindustan Oil Exploration Company Ltd, and Godrej Properties.
Stock market today
On the outlook for the Nifty 50 index, Vaishali Parekh said, “Nifty has witnessed a sluggish and gradual rise during the last four sessions, finding resistance near the 23,400 to 23,450 zone with some profit booking witnessed in the second half of the trading session. The index has got the near-term support zone near the 23,200 zone, and a decisive close above 23,400 shall trigger a further rise to the next target of 23,800.”
“The Bank Nifty index has been in consolidation for the past four sessions, finding resistance near the 50,200 zones with support maintained near 49,500 levels, and a decisive breach above 50,200 is much needed to trigger a further fresh upward move for an initial target of 51,000 level,” said Parekh.
Parekh went on to add that the Nifty today has immediate support at 23200, while the resistance is at 23,550. The Bank Nifty will have a daily range of 49,500 to 50,200.
Vaishali Parekh’s stocks to buy today
1] MFSL: Buy at ₹988, target ₹1025, stop loss ₹968;
2] Hindustan Oil Exploration: Buy at ₹188.20, target ₹197, stop loss ₹184; and
3] Godrej Properties: Buy at ₹3030, target ₹3150, stop loss ₹2965.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
3.6 Crore Indians visited in a single day choosing us as India’s undisputed platform for General Election Results. Explore the latest updates here!
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
