Buy or sell stocks for today: After a sharp move on Thursday, the Indian stock market witnessed a decisive selloff on Friday last week. Stock market experts believe the selloff on Dalal Street was caused by weak global market trends and rising US-China tension. The Nifty 50 index corrected 269 points and closed at 24,530, while the BSE Sensex lost 738 points and ended at 80,604. The Bank Nifty index nosedived 355 points and finished at 52,265. Tech outages down 8.8 percent hindered cash market volumes on the NSE. The broad market indices fell more than the Nifty 50 index even as the advance-decline ratio fell to 0.18:1, the lowest in 1.5 months.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment has turned cautious after sharp selling on Friday. The Prabhudas Lilladher expert said that the Nifty 50 index is facing a hurdle at 24,850 zones, and the 50-stock index has formed a bearish candle pattern on the daily chart. Vaishali said crucial support for Nifty today is placed in the 24,250 to 24,200 range.
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Regarding stocks to buy today, Vaishali Parekh recommended these three buy-or-sell stocks: Strides Pharma or STAR, Karur Vysya Bank, and Ircon International.
Stock market today
On the outlook for Nifty today, Vaishali Parekh said, “Nifty witnessed heavy profit booking after resisting near the new high zone at 24,850 levels and slipped down significantly to form a bearish candle pattern on the daily chart to turn the sentiment a little bit cautious. The index would have the near-term support at the 24,200 to 24,250 zone below which the bias would turn weak and can expect further slide.”
“The Bank Nifty index has been moving within a narrow range between 52,000 and 52,800 levels for quite some time, with a decisive breach on either side would decide the further direction of the trend. The index would have the next major support near 51,000 while on the upside has higher targets of 53,500 and 55,100 levels,” said Parekh.
Parekh added that the Nifty is immediately supported at 24,400 while the resistance is at 24,700. The Bank Nifty would have a daily range of 51,800 to 52,700.
Vaishali Parekh’s stock recommendations today
1] STAR: Buy at ₹952.50, target ₹995, stop loss ₹932;
2] Karur Vysya Bank: Buy at ₹210, target ₹222, stop loss ₹205; and
3] IRCON International: Buy at ₹316, target ₹332, stop loss ₹309.
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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.
