Buy or sell stocks for today: The Indian stock market indices, Sensex and Nifty 50, concluded with substantial increases, driven by robust purchasing activity in banking and financial sectors, on Monday, April 29. This surge followed the positive performance of key players within these sectors during the March quarter, contributing to the overall bullish sentiment in the market. Sensex ultimately ended the session with a gain of 941 points, equivalent to a 1.28% increase, settling at 74,671.28, with 26 stocks showing gains. The Nifty index concluded the day at 22,643.40, marking an increase of 223 points, equivalent to a 1 percent rise.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty has once again regained strength, and breaching above the 22650 zone has strengthened the trend to retest the previous peak of 22775 level anticipating further rise with targets of 23200 and 23700 levels in the coming days. The index would have an important support zone of 22200 levels which needs to be sustained for maintaining the positive bias intact.
Also read: General Elections 2024: No major impact of polls on equity market, says FidelFolio
She went on further to say that the BankNifty gained significantly to create history and hit an all-time high of 49473 level and with the trend maintained strong, has opened the gates for further targets of 50800 and 53200 levels for the month. The 47400 zone of the important 50EMA level would be the near-term support zone which needs to be maintained to maintain the trend intact. The support for the day is seen at 74200/22500 level while the resistance is seen at 75300/22800 level. Bank Nifty has a daily range of 49000-50000 levels. On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today – L&T Finance, Hindustan Petroleum Corp, and Godrej Consumer.
Stock market today
On the outlook for the Nifty 50 index, Vaishali Parekh said, “Nifty has once again regained strength and breaching above 22650 zone has strengthened the trend to retest the previous peak of 22775 level anticipating for further rise with targets of 23200 and 23700 levels in the coming days. The index would have the important support zone of 22200 levels which needs to be sustained for maintaining the positive bias intact.”
“BankNifty gained significantly to create history and hit an all-time high of 49473 level and with the trend maintained strong, has opened the gates for further targets of 50800 and 53200 levels for the month. The 47400 zone of the important 50EMA level would be the near-term support zone which needs to be maintained to maintain the trend intact. The support for the day is seen at 22500 level while the resistance is seen at 22800 levels. BankNifty would have the daily range of 49000-50000 levels,” she further added.
Also read: US Fed meet ahead: What do dimming rate cut hopes mean for Indian stock market?
Buy or sell stock picks by Vaishali Parekh
1] L&T Finance: Buy at ₹168.80, target ₹177, stop loss ₹165;
2] Hindustan Petroleum Corp: Buy at ₹505.65, target ₹530, stop loss ₹495; and
3] Godrej Consumer: Buy at ₹1218, target ₹1265, stop loss ₹1192.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
More
Less
Published: 30 Apr 2024, 07:00 AM IST