Buy or sell stocks: Domestic equity benchmarks Sensex and Nifty 50 settled flat in the previous session dragged down by heavy losses in HDFC Bank even as those of select heavyweights such as Reliance Industries, State Bank of India (SBI) and Larsen & Tounro underpinned amid largely positive global cues.
The NSE Nifty 50 rose 0.09 per cent on the day to end at 24,323.85 as gains in energy stocks helped it notch a record closing high for the fourth time this week. Sensex slipped 53 points, or 0.07 per cent, to settle at 79,996.60.
The 30-share BSE benchmark hit its fresh lifetime high of 80,000 this week in its fastest-ever 10,000-point bull run in a record 58 market sessions. The blue-chip Nifty 50 notched another record closing high on Friday, July 5, and chalked up its fifth straight week of gains, logging its longest such streak this year.
Stocks to buy
Coming to the stocks that investors can buy, Vaishali Parekh recommended the following two technical picks:
Apollo Hospitals:
Buy Apollo Hospitals at ₹6,065; Upside Potential of 8.05 per cent at Target Price ₹6,550; Stop Loss: ₹5,800 at 4.37 per cent
‘’The stock has indicated a higher bottom formation pattern on the daily chart taking support near the important 200 period MA at 5690 zone and with a decent pullback to move past the significant 50EMA level of 6,015 zone has improved the bias to anticipate for further rise,” said the Prabhudas Liladher expert on Apollo Hospitals.
‘’The RSI is currently well placed and has indicated a trend reversal to signify strength and can carry on with the positive move further ahead. Currently, with risk-reward looking favorable, we suggest to buy the stock for an upside target of 6,550 keeping the stop loss of 5,800,” said Vaishali Parekh.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.