Buy or sell stocks today: Indian stock market indices Sensex and Nifty 50 closed relatively subdued on Thursday, September 19, compared to global and Asian indices, in response to the United States Federal Reserve’s (FED) rate cut on Wednesday. The Nifty 50 index closed 0.15 per cent higher at 25,415.80 points, compared to 25,377.55 points at its previous market close.
The BSE Sensex closed 0.29 per cent higher at 83,184.80 points after Thursday’s market session, compared to 82,948.23 points at the previous close.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said that Nifty has once again created history, reaching new highs at 25,611 level. Thereafter, it witnessed heavy profit booking among the broader markets to slightly create an atmosphere of a cautious approach. Parekh estimates the Nifty 50 Spot index to get support at 25,300 points and face resistance at 25,600 points. The Bank Nifty index will likely move in a range of 52,700 to 53,600 today.
For today, Parekh recommended three buy-or-sell stocks: Indian Hotels Co. Ltd, Century Textiles & Industries Ltd, and Dabur India Ltd.
Stock market today
For the outlook on the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty once again created history scaling new high at 25,611 level, thereafter, witnessing heavy profit booking especially among the broader markets to slightly create an atmosphere of cautious approach.”
“The index would have the crucial support of 24,200 level while on the upside 25,900 level is the initial target,” said the stock market expert.
“Bank Nifty has been gradually gaining strength and retested the previous peak zone of 53,357 level to improve the bias and can anticipate for further rise once a decisive breakout above 53,400 level is confirmed. The index has got the next immediate target of 55,100 level with 52,000 zone positioned as the important near-term support zone,” said Parekh.
Parekh said that the Nifty 50 for today has support at 25,300, while the resistance lies at 25,600. The Bank Nifty index would have a daily range of 52,700 to 53,600.
Buy or sell stocks by Vaishali Parekh
1. Indian Hotels Co. Ltd. (INDHOTEL): Buy at ₹691; Target at ₹720; Stop Loss at ₹675.
2. Century Textiles & Industries Ltd. (CENTURYTEX): Buy at ₹2,805; Target at ₹3,100; Stop Loss at ₹2,680.
3. Dabur India Ltd. (DABUR): Buy at ₹665; Target at ₹680; Stop Loss at ₹654.
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.