Buy or sell stocks for today: Despite mixed trends from the global markets, the Indian stock market snapped two days fall and ended higher on Wednesday. The Nifty 50 index gained 58 points and closed at 23,322, while the BSE Sensex scaled 149 points and finished at 76,606. The Bank Nifty index ended 189 points higher at 49,895. Among the frontline indices, the Nifty 50 index touched a new peak of 23,441. Cash market volumes on the NSE fell minorly to ₹1.20 lakh crore. The broad market indices rose more than a percent even as the advance-decline ratio rose to 2.05:1.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes that the Nifty 50 index is facing resistance at 23,400. The 50-stock index needs a decisive breach above this resistance to trigger a fresh bull trend in the Indian stock market. The Prabhudas Lilladher expert said that Nifty is expected to touch 23,800 in the near term until it sustains above its major support at 22,800.
Regarding stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three buy or sell stocks: Bombay Dyeing, Coal India, and PEL.
Stock market today
On the outlook for Nifty today, Vaishali Parekh said, “Nifty has witnessed a consolidation phase since the last three sessions, with the 23,400 zone acting as a tough barrier. A decisive breach above this level would trigger a further rise in the coming days. The major support zone for the index is maintained near the 22,800 level, while on the upside, we can expect the 23,800 level as the initial target in the coming sessions.”
“The Bank Nifty index has been hovering and consolidating near the 50,000 zone for quite some time, finding resistance near the 50,200 levels, and support has been maintained near the 49,500 zone as of now. The near-term initial target of 51,000 level can be achieved once a breach above the 50,200 zone is confirmed in the coming sessions,” said Parekh.
Parekh went on to add that today, Nifty’s immediate support is at 23,200, while the resistance is at 23,500. The Bank Nifty would have a daily range of 49,600 to 50,400.
Vaishali Parekh’s stock recommendations today
1] Bombay Dyeing: Buy at ₹173, target ₹182, stop loss ₹169;
2] Coal India: Buy at ₹488.70, target ₹510, stop loss ₹478; and
3] PEL: Buy at ₹865.60, target ₹900, stop loss ₹847.
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.
