Buy or sell stocks for today: Despite strong global market sentiments, the Indian stock market traded range-bound and ended flat on Thursday. The Nifty 50 index ended marginally lower at 24,315, while the BSE Sensex shed 24 points and finished at 79,897. The Bank Nifty index gained 81 points and closed at 52,270. After rising for three straight sessions, the India VIX Index crashed over 3 percent and ended at 14. Cash market volumes on the NSE were down 5.5 percent to ₹1.40 lakh crore. The broad market indices ended positively, even as the advance-decline ratio rose to 1.52:1.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes that the Nifty 50 index has been consolidating in the narrow range of 24,150 to 24,450 for the last week. The Prabhudas Lilladher expert said that the next leg of the bull trend on Dalal Street can be expected once the 50-stock index breaks through the 24,450 hurdle decisively. On breaching this hurdle, Parekh said, the Nifty may touch the 24,900 mark.
Regarding stocks to buy today, Vaishali Parekh recommended buying these three buy-or-sell stocks on Friday: Coal India Ltd, NIIT, and Balrampur Chini Mills.
Stock market today
On the outlook for Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, said, “Nifty has been consolidating since the last six sessions finding resistance near 24,450 zones moving within a narrow range maintaining the support near 24,150 zones as of now. The overall bias has been maintained positive, and a decisive breach above the 24,450 zone is necessary to carry on with the positive move further ahead with the next target of the 24,900 level expected.”
“The Bank Nifty has witnessed a gradual slide in the last six sessions and witnessed a decent recovery from the low made near the 51,750 zone to end on a flat note, maintaining the bias intact as of now. The index has resisted near the 53,200 level and would need a clear breakout above the zone to anticipate further upside move with the next target of the 55,100 level visible,” said Parekh.
Parekh added that the Nifty today has immediate support at 24,200 while the resistance is at 24,500. The Bank Nifty will have a daily range of 51,900 to 52,700.
Vaishali Parekh’s stock recommendations today
1] Coal India Ltd: Buy at ₹500, target ₹530, stop loss ₹488;
2] NIIT: Buy at ₹116, target ₹123, stop loss ₹113; and
3] Balrampur Chini Mills: Buy at ₹445, target ₹468, stop loss ₹436.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
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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.
