Buy or sell stocks for today: Despite mixed global market sentiments, the Indian stock market ended higher for the third straight session on Tuesday. The Nifty 50 index finished 113 points higher at 22,217, while the BSE Sensex gained 328 points and closed at 73,104. The Bank Nifty index gained 105 points and closed at 47,859. Cash market volumes on the NSE were down about 7% to ₹0.91 lakh crore. The broad market indices outperformed the frontline Indian indices even as the advance-decline ratio rose to 3.24:1. These trends indicate a positive market sentiment and potential for further growth in the coming sessions.
Vaishali Parekh’s stocks to buy today
Insights from Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, carry significant weight in the market. She believes that the Indian stock market sentiment has improved after the decent pullback rally on Dalal Street. Her analysis suggests that the Nifty 50 index may touch 22,550 in the short term. Based on her expertise, she recommends three stocks to buy today: Birlasoft, GAIL, and RCF.
Stock market today
On the outlook for the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index witnessed a decent pullback from the 21800 zone to arrive near the significant 50EMA zone of 22220 levels, gaining strength and with improving bias. It is anticipated to rise further for the next 22550 levels in the coming sessions. The zone near the 100-period MA of 22000 levels would be the crucial support zone that needs to be sustained to maintain the bias intact.”
“The Bank Nifty index has witnessed a gradual pullback compared to the Nifty index to move past the 50EMA level of 47700, improving the bias. A decisive breach above the 48200 zone would further strengthen the upward movement. The near-term important support zone would be the 100-period MA zone of 47200 levels, which is also where the rising trendline zone is positioned,” said Parekh.
Parekh went on to add that Nifty today has immediate support at 22100 levels while resistance is seen at 22350 levels. Bank Nifty would have a daily range of 47500-48300 levels. However, it’s important to note that stock trading involves risks and these recommendations should not be considered as financial advice. Investors should conduct their own research and consult with a financial advisor before making any investment decisions.
Stocks to buy today
1] Birlasoft: Buy at ₹610, target ₹637, stop loss ₹596;
2] GAIL: Buy at ₹200, target ₹210, stop loss ₹295; and
3] RCF: Buy at ₹144, target ₹150, stop loss ₹140.50.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 15 May 2024, 08:32 AM IST
