Buy or sell stocks: The domestic stock market indices broke their seven-day losing streak on Tuesday amid rising tensions between Russia and Ukraine, which weighed heavily on the markets. Profit booking at higher levels also contributed to the reversal in stock prices. The Nifty 50 index closed 0.28 per cent higher at 23,518.50 points, compared to its 23,453.80 points level at the previous market close.
The BSE Sensex closed 0.31 per cent higher at 77,578.38 points, compared to 77,339.01 points the previous day.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said the Nifty made a significant pullback from the low near 23,350 levels, a long-term trendline zone. It showed signs of improving bias, but the heavy profit booking eroded the gains; the approach remains very cautious. Parekh estimates the Nifty 50 Spot index to find support at 23,350 points and face resistance at 23,700 points. The Bank Nifty index will likely move in the 50,000 to 51,000 range today.
For today, Parekh recommended three buy-or-sell stocks: Avalon Technologies Ltd, Central Depository Services Limited (CDSL), and Jindal Steel and Power Ltd.
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty indicated a significant pullback from the low made near 23,350 levels, which was the important long-term trendline zone. It showed signs of improving bias to cross above the 23,750 zones, which did not last long as heavy profit booking eroded the gains on the back of fresh news of geo-political tensions, necessitating a very cautious approach.”
“The index would have the crucial support zone of 23,350 levels failing which it would create panic selling and can worsen the trend further with next major support lying near 21,700 zone,” the stock market expert said.
“Bank Nifty almost reached the 51,000 zone but could not sustain much longer, to witnessing profit booking to end the session near 50,600 levels with bias turning into cautious mode. The index would have the crucial support zone near the important 200 period MA of 49,800 levels below which the overall trend would turn bearish,” said Parekh.
Buy or sell stocks by Vaishali Parekh
1. Avalon Technologies Ltd. (AVALON): Buy at ₹850; Target at ₹880; Stop Loss at ₹830.
2. Central Depository Services Limited (CDSL): Buy at ₹1,506; Target at ₹1,500; Stop Loss at ₹1,450.
3. Jindal Steel and Power Ltd. (JINDALSTEL): Sell at ₹863; Target at ₹840; Stop Loss at ₹880.
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.
