Buy or sell stocks: The Indian stock markets slipped into the red zone as investors booked profits in the second half of Friday’s market session, wiping off the initial gains. The Nifty 50 index closed 0.49 per cent lower at 23,092.20 points, compared to 23,205.35 points at the previous market close.
The BSE Sensex closed 0.43 per cent lower at 76,190.46 points after Friday’s market session, compared to 76,520.38 points in the previous stock market session.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said the Nifty 50 again failed to move past the 23,350 zone and succumbed to profit booking to end near the 23,100 level. The index’s bias and sentiment is maintained with a very cautious approach. Parekh estimates the Nifty 50 Spot index to find support at 22,900 points and face resistance at 23,300 points. The Bank Nifty index will likely move in the 47,900 to 48,800 range.
Parekh recommended three buy-or-sell stocks for Monday: ABB India Ltd, Welspun Living Ltd, and Exide Industries Ltd.
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty has been gripped within a tight range of 23,000 and 23,400 zone for quite some time, once again failing to move past the 23,350 zone. It succumbed to profit booking to end near the 23,100 level, with bias and sentiment maintained with a very cautious approach.”
“The index is precariously placed and needs to sustain above the crucial and important support of 23,000 zone. At the same time, it would need to decisively breach the 23,350 level to establish conviction,” said the stock market expert.
“With a weak bias, Bank Nifty could not sustain above the 48,850 zone and slipped on profit booking near the 48,350 level. No conviction is visible as of now. The index needs to move past the important hurdle of 49,700 level and sustain above the important and crucial support of 47,900 level to maintain the overall bias intact,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 22,900 points and resistance at 23,300 points. The Bank Nifty index would have a daily range of 47,900 to 48,800.
Buy or sell stocks by Vaishali Parekh
1. ABB India Ltd. (ABB): Sell at ₹6,154; Target at ₹5,950; Stop Loss at ₹6,250.
2. Welspun Living Ltd. (WELSPUNLIV): Buy at ₹152; Target at ₹160; Stop Loss at ₹144.
3. Exide Industries Ltd. (EXIDEIND): Sell at ₹369; Target at ₹350; Stop Loss at ₹378.
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.