Buy or sell stocks for today: Domestic equity benchmark indices, the Sensex and Nifty 50 finished higher on Friday’s session for the second straight day amid buying in Mahindra & Mahindra (M&M), Reliance Industries, and ITC.
Over the final hour, the bulls stormed in and the Nifty 50 recovered the critical 22,400 mark, sending the bears fleeing. India VIX, which was down 1.38% for the day, too finished below the 20-point barrier at 19.99.
The broader markets, too ended higher as Nifty Midcap 50 Index ended 0.94% higher while Nifty Smallcap Index ended 0.84% higher.
Market analysts claim that on Thursday, investors were seen cheering lower-than-expected US CPI inflation figures.
On Friday’s session, the 30-share BSE Sensex ended higher by 253.31 points or 0.34% at 73,917.03 level while the Nifty 50 closed at 22,466.10 level, up 62.25 points or 0.28%.
Nifty 50 outlook by Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher
According to Parekh, the Nifty 50 witnessed a volatile week with an intraday low made near the 21,800 zone to recover strongly to touch 22,500 levels to improve the bias and sentiment, as well as easing out as of now. The index would have near-term support in the 22,300 zone, while on the upside, we anticipate further moves ahead to 22,600–22,900 levels in the coming days.
Bank Nifty outlook
Bank Nifty took support near the 47,000 zone, and witnessing a decent pullback to move past the significant 50EMA level of 47,700 zone has improved the bias, and further rises are anticipated. One can expect the next targets of 49,000 and 49,700 levels in the coming days, with 47,400 maintained as the near-term support level. The support for the day is seen at 22,300 levels, while the resistance is seen at 22,600 levels. Bank Nifty would have a daily range of 47,800–48,400 levels, explained Vaishali.
Also Read: Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 18
Vaishali Parekh’s stocks to buy today
Vaishali Parekh recommended three stocks for today — Grasim Industries Ltd, Paras Defence and Space Technologies Ltd, and IRB Infrastructure Developers Ltd.
Buy Grasim Industries Ltd at ₹2,423 with a stoploss of ₹2,374 and a target of ₹2,535.
Buy Paras Defence and Space Technologies Ltd at ₹743.55 with a stoploss of ₹727 and a target of ₹775.
Buy IRB Infrastructure Developers Ltd at ₹68 with a stoploss of ₹66 and a target of ₹72
Nifty Spot Index
Support – 22,350
Resistance – 22,600
Bank Nifty Spot Index
Support – 47,800
Resistance – 48,400
Also Read: Stocks to Watch: JSW Steel, Delhivery, IOC, Bandhan Bank, Zee
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 taking any investment decisions.
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Published: 18 May 2024, 07:36 AM IST
