Buy or sell stocks for today: Despite strong global market sentiments on the US Fed rate cut buzz, the Indian stock market remained sideways on Friday last week. The Nifty 50 index finished marginally higher at 24,168, whereas the BSE Sensex went off 53 points and closed at 79,478. The Bank Nifty index crashed 443 points and ended at 52,290. However, the broad market outperformed the frontline indices on Dalal Street. The small-cap index ended 0.70 percent higher while the mid-cap index went up 0.75 percent in the previous session.
Vaishali Parekh’s stock recommendations
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the overall Indian stock market sentiment is positive as the Nifty 50 index is sustaining above the 24,000 mark. The Prabhudas Lilladher expert said that the 50-stock index ended over 300 points higher weekly after logging over 800 points rise in the previous week. So, the frontline index has registered an over 1100-point rally in the last two weeks. She said that the Nifty today is looking set to touch 24,500 in the near term.
Regarding stocks to buy today, Vaishali Parekh recommended buying these three buy-or-sell stocks: Hindustan Unilever Limited or HUL, Cipla, and IRCTC.
Stock market today
On the outlook for Nifty today, Vaishali Parekh said, “Nifty has been gaining strength day by day, making new highs. The week witnessed another positive upward move, gaining 313 points, with the undertone maintained strong and anticipating further rise. As mentioned earlier, the index has the near-term targets of 24500 and 24900 levels, with the 24000 zone maintained as the important support as of now.”
“The Bank Nifty remained subdued with HDFC Bank shedding gains for the 3rd consecutive session, dragging the index and capping the index near 53,000 as of now. The overall bias is still maintained positive, with 51,900 levels maintained as the near-term support, and it is expected to rise further in the coming days,” said Parekh.
Parekh went on to add that today, Nifty’s immediate support is at 24,200, while the resistance is at 24,500. The Bank Nifty would have a daily range of 52,300 to 53,200.
Vaishali Parekh stocks to buy on Monday
1] HUL: Buy at ₹2547, target ₹2680, stop loss ₹2490;
2] Cipla: Buy at ₹1509, target ₹1575, stop loss ₹1480; and
3] IRCTC: Buy at ₹1026.20, target ₹1080, stop loss ₹1000.
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
