Buy or sell stocks: The Indian stock market indices closed in the red as the market remained under pressure for the third consecutive session. Selling was witnessed in blue-chip stocks as well as the BSE Mid-cap and Small-cap segments. The Nifty 50 index closed 0.56 per cent lower at 24,198.85 points, compared to 24,336 points at the previous market close.
The BSE Sensex index closed 0.62 per cent lower at 80,182.20 points on Wednesday, compared to 80,684.45 points at the previous market close.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said the Nifty has corrected itself from the 24,800 zone, with profit booking crossing the important 50EMA-mark of 24,450 points. The bias and sentiment for the index now are in a cautious mode. Parekh estimates the Nifty 50 Spot index to find support at 24,000 points and face resistance at 24,400 points. The Bank Nifty index will likely move in the 51,600 to 52,700 range.
Parekh recommended three buy-or-sell stocks for Thursday: Triveni Engineering and Industries Ltd, Clean Science and Technology Ltd, and Indraprastha Gas Ltd.
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty has corrected from 24,800 zone with profit booking, breaching below the important 50EMA-zone of 24,450, with bias and sentiment now maintained with a cautious mode.”
“The index has further support at the psychological level of 24,000, and the US Fed outcome shall be a deciding factor for further movement of the index in the coming days,” the stock market expert said.
“Bank Nifty after finding tough resistance near 53,800 levels has slipped down to also breach below the significant 50EMA level of 52,200 zone, with bias turning weak, and would have the next important support of the 200-period MA at 50,450 levels, which needs to be sustained to maintain the overall trend intact,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 24,000 points, while the resistance lies at 24,400 points. The Bank Nifty index would have a daily range of 51,600 to 52,700.
Buy or sell stocks by Vaishali Parekh
1. Triveni Engineering and Industries Ltd. (TRIVENI): Buy at ₹471.75; Target at ₹495; Stop Loss at ₹460.
2. Clean Science and Technology Ltd. (CLEAN): Buy at 1,471; Target at ₹1,535; Stop Loss at ₹1,440.
3. Indraprastha Gas Ltd. (IGL): Buy at ₹398; Target at ₹416; Stop Loss at ₹389.
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.
