Buy or sell stocks: Following the diverged global market amid the Q2 results of the 2024 season, the Indian stock market ended lower for the fifth straight session on Friday last week. The Nifty 50 index went off 218 points and closed at 24,180; the BSE Sensex shed 662 points and closed at 79,402, whereas the Nifty Bank index finished 744 points lower at 50,787.
Cash market volumes rose compared to the previous session. The Small-cap and the Mid-cap indices fell much more than the Nifty 50 index, reflecting the panic shown by the retail and HNI investors.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market bias is very weak as the Nifty 50 index has slipped below the 24,700 mark. The Prabhudas Lilladher expert said the 50-stock index has crucial support placed at 23,700, and conviction for some stability will develop decisively once the frontline index breaks above 24,700. Parekh said that the Bank Nifty index has slipped below 51,000 support, and the index has next crucial support at 50,400.
Regarding stocks to buy today, Vaishali Parekh recommended buying these three shares: Indian Hotels Company, Kansai Nerolac Paints, and Lupin.
Stock market today
On the outlook for Nifty today, Vaishali Parekh said, “The Nifty 50 index during the week witnessed heavy profit booking after breaching below the neckline of the head and shoulder pattern at 24,700 zones turning the bias very weak and has the next near-term support at 23,700 zones. The sentiment has been shattered and would need a decent revival moving above the 24,700 zone to bring conviction and some stability.”
“The Bank Nifty index has slipped further, losing steam from the 51,500 zone, and for the time being has taken support near the trendline zone of 50,400 levels with bias turned weak and further slide can be anticipated,” Parekh added.
Parekh said that Nifty’s support today is at 24,000, while the resistance is at 24,400. The Bank Nifty’s daily range is 50,300 to 51,300.
Buy or sell stocks by Vaishali Parekh
1] Indian Hotels Company: Buy at ₹690, target ₹720, stop loss ₹678;
2] Kansai Nerolac Paints: Buy at ₹279, target ₹292, stop loss ₹271; and
3] Lupin: Buy at ₹2,156, target ₹2,240, stop loss ₹2,100.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
