Buy or sell stocks today: Indian stock market indices Sensex and Nifty 50 closed with modest gains despite reaching fresh record highs on Monday. Stock market traders remain cautious ahead of the United States Federal Reserve’s (FED) policy meeting, which has hopes of the first rate cut since 2020. The Nifty 50 index closed 0.11 per cent higher at 25,383.75 points, compared to 25,356.50 points at its previous market close.
The BSE Sensex closed 0.12 per cent higher at 82,988.78 points after Monday’s trading session, compared to 82,890.94 points in Friday’s market close.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said that after Nifty’s gains witnessed consolidating since the last two market sessions near the 25,400 points zone is maintaining the bias and sentiment intact as the index is estimated to rise further. Parekh estimates the Nifty 50 Spot index to get support at 25,250 points and face resistance at 25,500 points. The Bank Nifty index will likely move in a range of 51,800 to 52,600 today.
For today, Parekh recommended three buy-or-sell stocks: Exide Industries Ltd, National Aluminium Company Ltd, and Angel One Ltd.
Stock market today
For the outlook on the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty after the big spurt witnessed has been consolidating since the last 2 sessions hovering near the 25,400-zone maintaining the bias and sentiment intact anticipating for further rise.”
“The index has the next target level of 25,800 expected with near-term support maintained near 25,200 zone with the broader market also supporting,” said the stock market expert.
“Bank Nifty has moved past the 52,000 zone improving the bias and can expect to scale the initial target of 53,500 level with the crucial support zone maintained near the important 50EMA zone of 51,000 levels. Most of the private banking stocks like ICICI Bank, Axis Bank, HDFC Bank and Kotak bank looks well poised for further upward movement,” said Parekh.
Parekh said that the Nifty 50 for today has support at 25,250, while the resistance lies at 25,500. The Bank Nifty index would have a daily range of 51,800 to 52,600.
Buy or sell stocks by Vaishali Parekh
1. Exide Industries Ltd. (EXIDEIND): Buy at ₹491; Target at ₹508; Stop Loss at ₹480.
2. National Aluminium Company Ltd (NATIONALUM): Buy at ₹189; Target at ₹200; Stop Loss at ₹185.
3. Angel One Ltd. (ANGELONE): Buy at ₹2,575; Target at ₹2,800; Stop Loss at ₹2,485.
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.
