Buy or sell stocks for today: Despite weakness in the global markets, the Indian stock market continues to scale northward on Thursday. The Nifty 50 index ended 175 points higher at the 20,044 mark after climbing to a new peak of 24,087. The BSE Sensex finished 568 points higher at 79,243 after hitting a new record high of 79,396. However, the Nifty Bank index lost its early morning gains and ended 59 points lower at 52,811 after touching a new lifetime high of 53,180. The broad markets underperformed the Nifty even as the advance-decline ratio fell sharply to 0.48:1.
Vaishali Parekh’s stock recommendations today
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes that the Indian stock market may continue its rally as the Nifty 50 index has sustained above the 24,000 mark. The Prabhudas Lilladher expert maintained that the 50-stock index is heading for its immediate target of 24,500, with the 23,500 zone maintained as support as of now.
Regarding stocks to buy today, Vaishali Parekh recommended buying these three buy or sell stocks: Wipro, JSW Energy, and Petronet LNG.
Stock market today
On the outlook for the Nifty today, Vaishali Parekh said, “The Nifty witnessed a robust move during the week with four consecutive sessions of strong positive candle formation to scale 24,000 for the first time and is anticipated for further rise in the coming days with bias and sentiment maintained strong. The index would have the next target of the 24,500 level, as mentioned earlier, with the 23,500 zone maintained as the support as of now.”
“The Bank Nifty scaling 53,000 zones for the first time has created history with most of the frontline banking stocks well poised for the further upward move and has the next targets of 53,500 and 55,100 levels visible in the coming days,” said Parekh.
Parekh went on to add that today, Nifty’s immediate support is at 23,900 levels, while resistance is at 24,200 levels. The Bank Nifty’s daily range is 52,500 to 53,300 levels.
Vaishali Parekh’s stocks to buy today
1] Wipro: Buy at ₹510.80, target ₹532, stop loss ₹500;
2] JSW Energy: Buy at ₹735.55, target ₹763, stop loss ₹720; and
3] Petronet LNG: Buy at ₹320, target ₹335, stop loss ₹313.
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.
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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.
