Buy or sell stocks for today: The domestic benchmark indices, Sensex and Nifty 50, ended Wednesday’s trading on a mixed note after a somewhat volatile session. The Nifty IT index outpaced the other 13 key industry indices following encouraging economic data from the US.
The 30-share BSE Sensex rose by 149.85 points, or 0.19%, to close at 79,105.88. Meanwhile, the Nifty 50 edged up by 4.75 points, or 0.02%, ending at 24,143.75. In the broader market, the Nifty Midcap 100 gained 0.59%, and the Nifty SmallCap 100 advanced by 0.64%.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, vice president, technical research, Prabhudas Lilladher, observed that Nifty experienced a consolidated session with narrow, range-bound movement. As mentioned earlier, the 24,000 zone remains a crucial and vital support level that must hold to keep the overall trend intact.
For today, Parekh has recommended three stocks: Jindal Steel, Hindustan Oil and Everest Kanto Cylinder Ltd as potential buy-or-sell options.
Stock market today
Commenting on the Nifty 50’s outlook, Parekh noted, that on the upside, the index needs to sustain above 24200 levels to improve the bias and thereafter decisively breach above the resistance barrier of 24400 zone to strengthen the trend.
Regarding Bank Nifty, Parekh said, “Bank Nifty has arrived near the important support zone of the 100 period MA at 49700 levels which needs to be sustained to failing which the trend would turn weak. On the upside, it needs to breach above the resistance barrier of 50700 zone to improve the bias and thereafter anticipate for further rise. The support for the day is seen at 24000 levels while the resistance would be seen at 24300 levels. BankNifty would have the daily range of 49300-50200 levels.”
Buy or sell stocks by Vaishali Parekh
1] Jindal Steel: Buy at ₹929.75, target ₹975, stop loss ₹908;
2] Hindustan Oil Exploration Company: Buy at ₹251.75, target ₹268, stop loss ₹245; and
3] Everest Kanto Cylinder: Buy at ₹167.30, target ₹175, stop loss ₹163
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.