Buy or sell stocks for today: The domestic benchmark indices, Sensex and Nifty 50, crashed on Thursday, marking the worst intraday drop in two months. This was due to waning investor confidence following the rising tensions between Iran and Israel, which shifted interest from riskier assets such as stocks.
The Nifty 50 closed 2.12 per cent lower at 25,250 points, dropping below the 25,300-point mark for the first time since mid-September. Meanwhile, the Sensex closed 2.10 per cent lower at 82,491 points, at Thursday’s market close, going below the 82,500-point mark for the first time since mid-September.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said that the Nifty 50 has dropped below the 25,300-point mark after losing more than 500 points due to escalating geo-political tensions in the Middle East, hitting investor sentiment, who are maintaining a very cautious approach.
Parekh estimates that the Nifty 50 Spot index will find support at 25,000 points and face resistance at 25,500 points. The Bank Nifty Spot index is expected to move from 51,300 to 52,400 today.
Today, Parekh has recommended three buy-or-sell stocks: Bombay Dyeing & Mfg.Co Ltd, GAIL (India) Ltd, and BSE Limited.
Stock Market Today
On the outlook for the Nifty 50 and Bank Nifty Index, Parekh said, “The index would have the near-term support at around the 50EMA zone of 25,000 levels while the crucial major support would be positioned near the important 200 period MA at 23,100 zone.”
“BankNifty has lost more than 2,500 points from the peak zone and has moved below the significant 50EMA zone of 51,900 levels with bias turned weak,” she added.
“The index would have the near-term support of 51,000 level whereas the crucial support would be positioned at 49,600 levels below which matter would turn very much worse,” the stock market expert said.
According to Parekh, the Nifty 50 Spot for today has support at 25,000 points, while the resistance is at 25,500 points. The Bank Nifty index would have a daily range of 51,300 to 52,400 points.
Buy or sell stocks by Vaishali Parekh
- Bombay Dyeing Mfg. Co. Ltd. (BOMDYEING): Buy at ₹231.65; Target at ₹243; Stop Loss at ₹226.
2. GAIL (India) Ltd (GAIL): Buy at ₹240.30; Target at ₹253; Stop Loss at ₹234.
3. BSE Limited (BSE): Buy at ₹3,953; Target at ₹4,120; Stop Loss at ₹3,860.
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.
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