Buy or sell stocks: Indian stock market witnessed volatility on Tuesday but managed to close on a positive note, recovering slightly after Monday’s steep decline.
By the end of the trading session, the Sensex had risen 535.24 points, or 0.71%, to 75,901.41, while the Nifty gained 128.1 points, or 0.56%, to close at 22,957.25.
Despite weak global trends, the indices showed resilience, maintaining an upward trend for most of the session. However, a sharp decline in the final half-hour trimmed much of the day’s gains. Ultimately, the Nifty closed at 22,957.25, up 0.56%.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said that Nifty attempted a decent pullback during the intraday session but witnessed resistance near the 23,150 zone. With heavy profit booking, it slipped below the 23,000-level with marginal gains.
Parekh estimates that Bank Nifty performed better than the Nifty index, closing above the 48,800 level. An initial target of 49,700 is in sight, but a decisive breakout above this level is required to strengthen confidence, paving the way for further gains.
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “With the budget session nearing, we can anticipate high volatility in the market with 23,350-23,400 zone maintained as a tough resistance band, while 22,800 would be the crucial and important support on the downside which needs to be sustained.”
“BankNifty witnessed improving bias as compared to Nifty index and closed above the 48,800 zone. An initial target of 49,700 is visible, and it would need a decisive breach of that to confirm conviction. Thereafter, expect a further rise in the coming days. As of now, the 47,800 zone would be the crucial support zone, a break below which can trigger intensified selling pressure to drag the index further down,” the stock market expert said.
The Nifty’s support for the day is seen at 22,800 levels while the resistance is pegged at 23,200 levels. BankNifty would have the daily range of 48,500-49,400.
Buy or sell stocks by Vaishali Parekh
1. Cipla: Buy at ₹1,420; Target at ₹1,480; Stop Loss at ₹1,390.
2. Punjab National Bank: Buy at ₹99; Target at ₹105; Stop Loss at ₹95.
3. Bajaj Finserv: Buy at ₹1,768; Target at ₹1,820; Stop Loss at ₹1,735.
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 making any investment decisions.
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