2 weeks Ago
Buy or sell stocks: In the lack of any significant triggers, the Indian stock market ended lower for the fourth straight session on Thursday. The Nifty 50 index ended at a two-month low at the 24,399-mark, the BSE Sensex finished marginally lower at 80,065, whereas the Nifty Bank index gained 292 points and closed at 51,531. The FMCG Index declined more than 2% after HUL & Nestle India reported disappointing numbers.
Metals, too, saw some selling pressure, especially Hindalco, after its global peer Constellium reported results below estimates. The small-cap index fell more than the Nifty 50 index as retail investors continued unloading their small-cap holdings, but the overall market did not stabilise soon. Vaishali Parekh stocks to buy today Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that the overall trend of the Indian stock market is cautious and may improve only when the Nifty 50 index breaks above 24,600 on a closing basis.
The Prabhudas Lilladher expert said that the Nifty 50 index breaking below 24,350 on a decisive basis would mean more sharp selling pressure on Dalal Street. Parekh said the Nifty Bank index has sustained above the 51,000 mark, and Bank Nifty sentiments may improve further once the frontline index breaks above 52,200 decisively. Regarding stocks to buy today , Vaishali Parekh recommended buying these three shares: Bharat Forge , Titan Company, and Coromandel International .
Stock market today Speaking on the outlook for Nifty today, Vaishali Parekh said, "The Nifty 50 index has been hovering and maintaining support near the long-term ascending trendline zone of 24,400 since the last two sessions with bias overall maintained cautious and would need a decisive breach above 24,600 to improve the bias from the current level. At the same time, a decisive breach below the 24,350 zone shall trigger for further slide with the next important support positioned near 24,000." "The Bank Nifty index has been holding on to the support near the 51,000 zone for quite some time and, on the upside, would need a decisive breach above 52,200 to improve the bias overall.
A decisive breach below 51,000 shall trigger for fresh selling with the next major support positioned near the 200 period MA at the 49,400 zone," Parekh added. Parekh said that Nifty's immediate support today is 24,250, while resistance is 24,600. The Bank Nifty will have a daily range of 51,000 to 52,000.
Buy or sell stocks by Vaishali Parekh 1] Bharat Forge: Buy at ₹ 1,428, target ₹ 1,450, stop loss ₹ 1,410; 2] Titan Company : Buy at ₹ 3,333, target ₹ 3,420, stop loss ₹ 3,300; and 3] Coromandel International: Buy at ₹ 1,641, target ₹ 1,720, stop loss ₹ 1,600. 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.
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