Buy or sell stocks for today: Following weak global market sentiments on better-than-expected US job data, the Indian stock market ended lower on Monday. The Nifty 50 index edged lower by 30 points and closed at 23,259, whereas the BSE Sensex shed 203 points and ended at 76,490. The Bank Nifty index finished 22 points lower at 49,780 mark. Cash market volumes on the NSE are on a downward trend after the excitement over the elections is ending. The broad market indices ended positively, even as the advance-decline ratio remained firm at 1.92:1.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes that the overall trend on Dalal Street is positive. The Nifty 50 index has sustained above 23,200 despite the profit booking trigger on Monday. The Prabhudas Lilladher expert said that the 50-stock index is set to achieve a near-term target of 23,800, whereas the frontline index has made a strong base at the 22,800 mark.
On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended buying these three buy-or-sell stocks on Tuesday: UPL, Chambal Fertilisers, and SRF.
Stock market today
On the outlook for Nifty today, Vaishali Parekh said, “The Nifty 50 index once again regained strength and retested the previous peak zone to hit the all-time high, crossing the 23,400 zone. With the bias maintained strong, we can anticipate a further rise in the coming days after a short consolidation period. The index would have the next near-term target of 23,800, with the 22,800 zone maintained as the good support level from the current rate.”
“The Bank Nifty index has yet to retest the previous peak zone, and resistance near the 50,250 zone slipped down, with profit booking witnessing the end of near 49,800 levels. The index would need to breach above the 51,000 level to trigger a fresh upward move and has the important 50-EMA level of 48,300 zones as the support,” said Parekh.
Parekh added that Nifty today has immediate support at 23,100 levels while the resistance is at 23,400 levels. The Bank Nifty would have a daily range of 49,300 to 50,400 levels.
Vaishali Parekh’s stock recommendations
1] UPL: Buy at ₹551.50, target ₹580, stop loss ₹540;
2] Chambal Fertilisers: Buy at ₹425.55, target ₹443, stop loss ₹416; and
3] SRF: Buy at ₹2354.65, target ₹2470, stop loss ₹2305.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 11 Jun 2024, 06:52 AM IST