2 days Ago
Buy or sell stocks: The Indian stock market indices closed higher on Wednesday, January 1, as heavyweight stocks HDFC Bank, Larsen and Toubro ( L&T ), and Mahindra and Mahindra (M&M) fueled them into the green zone. The Nifty 50 index closed 0.41 per cent higher at 23,742.
90 points, compared to 23,644.80 points at the previous market close. The BSE Sensex closed 0.
47 per cent higher at 78,507.41 points after Wednesday's market session, compared to 78,139.01 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 witnessed a pullback from the strong support zone of 23,500. The index is expected to rise in the coming days with an improvement in the bias. Parekh estimates the Nifty 50 Spot index to find support at 23,600 points and face resistance at 23,900 points.
The Bank Nifty index will likely move in the 50,500 to 51,700 range. Parekh recommended three buy-or-sell stocks for Thursday: CG Power and Industrial Solutions Ltd., Mahindra and Mahindra Ltd .
, and PTC India Ltd. Stock market today On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty witnessed a pullback from the strong support of 23,500 zone and has closed in the green on the 1st day of the calendar year to anticipate for further rise in the coming days with improvement in bias visible.” “Once again, as mentioned earlier, the resistance barrier of 23,850-23,900 zone has to be decisively breached to trigger for a breakout and thereafter, can establish some conviction expecting for further upward movement till 24,900 levels,” said the stock market expert .
“Bank Nifty witnessed a significant pullback from 50,500 levels to end the session above the 51,000 zone with some improvement in the bias anticipated and would need to cross above the important 50EMA zone of 51,900 levels to confirm a breakout. The initial target expected is 53,800 levels with the major crucial support positioned near 49,900 level, 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 23,600 points and resistance at 23,900 points.
The Bank Nifty index would have a daily range of 50,500 to 51,700. Buy or sell stocks by Vaishali Parekh 1. CG Power and Industrial Solutions Ltd.
(CGPOWER): Buy at ₹ 740; Target at ₹ 770; Stop Loss at ₹ 723. 2. Mahindra and Mahindra Ltd.
(M&M): Buy at ₹ 3,080; Target at ₹ 3,180; Stop Loss at ₹ 3,030. 3. PTC India Ltd.
(PTC): Buy at ₹ 151; Target at ₹ 163; Stop Loss at ₹ 145. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint.
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