Buy or sell stocks today: The Indian domestic stock market indices witnessed strong gains on Monday, August 26. Both indices closed nearly 1 per cent higher as investors embraced Jerome Powell’s speech at Jackson Hole on Friday. The Nifty 50 closed 0.76 per cent higher at 25,010.60 points, compared to 24,823.15 points at the previous market close.
The Bombay Stock Exchange (BSE) Sensex closed 0.75 per cent higher at 81,698.11 points after Wednesday’s session, compared to 81,086.21 points at the previous close.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, says Nifty’s slow and steady gained strength has crossed the 25,000 zone, indicating strength with a strong maintained bias. Nifty is estimated to have an initial target of 25,600 levels. 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 50,800 to 51,600 today.
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: Cipla Ltd., Mahindra and Mahindra Ltd., and Valiant Organics Ltd.
Stock market today
For the outlook on the Nifty 50 and the Bank Nifty index, Vaishali Parekh said, “Nifty slowly and steadily gained strength and has crossed the 25,000 zone once again indicating strength and with the bias maintained strong, is anticipated to carry on with the positive move further ahead for next initial target of 25,600 level visible.”
“With frontline stocks beginning to show improvement in the bias, the index can gain further, having the important near-term support zone of 24,750 level as of now,” said the stock market expert.
“Bank Nifty would need to sustain above the 51,000 zone to establish conviction and expect for further rise with next targets of 52,500 and 53,400 levels anticipated in the coming days. The index would have the significant 50EMA zone of 50,800 level as the immediate near-term support as of now. The support for the day is seen at 24,900 levels while the resistance would be at 25,200 levels. BankNifty would have the daily range of 50,800-51,600 levels,” said Parekh.
Parekh added 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 50,800 to 51,600.
Buy or sell stocks buy Vaishali Parekh
1. Cipla Ltd. (CIPLA): Buy at ₹1,593; Target at ₹1,650; Stop Loss at ₹1,560.
2. Mahindra and Mahindra Ltd. (M&M): Buy at ₹2,794; Target at ₹2,850; Stop Loss at ₹2,740.
3. Valiant Organics Ltd. (VALIANTORG): Buy at ₹403; Target at ₹420; Stop Loss at ₹390.
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.