2 weeks Ago
Buy or sell stocks: The Indian stock market indices ended their two-day winning streak on Monday, December 30. Markets closed in the red as heavyweight banking stocks like HDFC Bank and ICICI Bank dragged the index down amid weak global cues. The Nifty 50 index closed 0.
71 per cent lower at 23,644.90 points, compared to 23,813.40 points at the previous market close.
The BSE Sensex index closed 0.57 per cent lower at 78,248.13 points, compared to 78,699.
07 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 index is witnessing a narrow rangebound movement hovering between 23,600 and 23,850 levels since last week. A decisive breach above that level is needed to confirm a breakout and, thereafter, an upward movement.
Parekh estimates the Nifty 50 Spot index to find support at 23,500 points and face resistance at 23,850 points. The Bank Nifty index will likely move in the 50,500 to 51,600 range. Parekh recommended three buy-or-sell stocks for Tuesday: Macrotech Developers Ltd, Life Insurance Corporation of India Ltd, and Hindustan Unilever Ltd .
Stock market today On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty has been finding tough resistance near the important 200 period MA of 23,850 zone and has witnessed a narrow rangebound movement hovering between 23,600 and 23,850 levels since the last one week.” “As we have been mentioning, would need a decisive breach above that levels to confirm a breakout and thereafter, expect for fresh upward move. On the downside, the 23,500 zone would be the important and crucial near-term support zone which needs to be sustained to maintain the overall bias as of now,” said the stock market expert .
“Bank Nifty witnessed a surge during the session to touch the 50EMA zone at 51,960 levels but failed to breach above, witnessing profit booking ended low in the red near 50,950 level. The 200 period MA at 50,600 level would be the important immediate support zone which needs to be sustained as of now to maintain the bias intact. A decisive close above 51,800 level is necessary to establish conviction and thereafter, anticipate for further rise in the coming days,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 23,500 points and resistance at 23,850 points. The Bank Nifty index would have a daily range of 50,500 to 51,600. Buy or sell stocks by Vaishali Parekh 1.
Macrotech Developers Ltd. (LODHA): Buy at ₹ 1,427; Target at ₹ 1,550; Stop Loss at ₹ 1,390. 2.
Life Insurance Corporation of India Ltd. (LICI): Buy at ₹ 915; Target at ₹ 960; Stop Loss at ₹ 880. 3.
Hindustan Unilever Ltd. (HINDUNILVR): Buy at 2,344; Target at ₹ 2,400; Stop Loss at ₹ 2,210. 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..
