Buy or sell stocks: Despite a gapdown opening, the Indian stock market demonstrated a significant recovery, closing higher on Monday. The Nifty 50 index concluded 48 points higher at 22,104, while the BSE Sensex ended 111 points higher at 72,776. The Bank Nifty index surged 333 points and settled at 47,754. Notably, cash market volumes on the NSE escalated to ₹0.98 lakh crore. Although the small-cap index ended slightly lower and the advance-decline ratio fell to 0.70:1, the overall market recovery is a promising sign for potential trades.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, a seasoned Vice President of Technical Research at Prabhudas Lilladher, has a keen eye for market trends. She believes the Nifty 50 index sustained near the previous bottom zone of 21,800. The Prabhudas Lilladher expert said that the Indian stock market sentiment has improved as the 50-stock index has closed above the 22,000 mark. Vaishali noted that the index may continue the uptrend and touch 22,250 soon. Regarding stocks to buy today, Vaishali Parekh, with her wealth of experience, recommended three buy or sell stocks for today: NALCO, Coforge, and AB Capital.
Stock market today
Looking at the technical indicators for Nifty today, Vaishali Parekh noted, “The Nifty 50 index has sustained near the previous bottom zone of the 21,800 levels, a key support level in technical analysis. It has also witnessed a strong recovery, breaching above the 22,000 zone and closing on a better note near 22,100 levels. This indicates an improvement in sentiment and a potential for further positive movement till the significant 50EMA zone near 22,250 levels in the coming session.”
“The Bank Nifty index also took support near the rising trendline zone near 47,000 levels and indicating a strong recovery has moved past the significant 50EMA level of 47,700 zones to improve the bias and can anticipate a further rise in the coming sessions,” said Parekh.
Parekh added that immediate support for Nifty today is placed at 22,000 levels while the resistance is at 22,250. The Bank Nifty would have a daily range of 47,400 to 48,200 levels.
Buy or sell stocks
1] NALCO: Buy at ₹177, target ₹184, stop loss ₹173;
2] Coforge: Buy at ₹4535, target ₹4700, stop loss ₹4440; and
3] AB Capital: Buy at ₹222.35, target ₹232, stop loss ₹217.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, and not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
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Published: 14 May 2024, 06:54 AM IST
