Buy or sell stocks today: The Indian stock market indices, Sensex and Nifty 50, seem to be consolidating near the record high levels. Both the benchmark indices ended flat on Tuesday amid mixed global cues even as the expectations of interest rate cuts by the US Federal Reserve continue to support the global equities.
On Tuesday, the Nifty 50 closed 0.03% higher at 25,017.75, while the BSE Sensex ended 0.02% higher at 81,711.76.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, says the Nifty managed to close above the 25,000-point marker with a positive bias maintained, and the overall sentiment improved. It is expected to rise in the coming days. Parekh estimates the Nifty 50 Spot index to get support at 24,900 points and have a resistance at 25,200 points. The Bank Nifty index would have a daily range of 50,900 to 51,800 today.
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: Bombay Dyeing and Manufacturing, Banco Products India and LIC Housing Finance.
Stock market today
For the outlook on the Nifty 50 and the Bank Nifty index, Vaishali Parekh said, “Nifty just managed to close above the 25,000 zone with bias maintained positive and the overall sentiment has much improved anticipating for further rise in the coming days.”
“We expect the index to carry on with the positive move for the next near-term target of 25,600 level with frontline stocks like L&T, Infosys, ICICI Bank and Maruti Suzuki indicating positive bias and can help to pull the index to new heights,” said the stock market expert.
“Bank Nifty now moving past the 51,000 zone has improved the bias and with a gradual rise is slowly and steadily strengthening the trend expecting for further upward move with targets of 52,500 and 53,400 levels anticipated with significant 50-EMA (Exponential Moving Average) zone of 50,800 level maintained as the immediate near-term support,” said Parekh.
Parekh said that the Nifty 50 for today has support at 24,900, while the resistance lies at 25,200. The Bank Nifty index would have a daily range of 50,900 to 51,800.
Buy or sell stocks buy Vaishali Parekh
1. Bombay Dyeing and Manufacturing Co. Ltd.: Buy at ₹229; Target at ₹245; Stop Loss at ₹222.
2. Banco Products India: Buy at ₹675; Target at ₹710; Stop Loss at ₹660.
3. LIC Housing Finance: Buy at ₹682; Target at ₹700; Stop Loss at ₹670.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.