Buy or sell stocks for today: Despite strong global cues, the Indian stock market remains range-bound and ended flat on Monday. The Nifty 50 index finished 24 points lower at 22,932 after touching a new peak of 23,110 mark. The BSE Sensex ended 19 points lower at the 75,390 mark after touching a new lifetime high of 76,009. However, the Bank Nifty index gained 310 points and closed at 49,281. Cash market volumes on the NSE were flat compared to the previous day. The mid-cap index closed 0.63 percent higher even as the advance-decline ratio remained negative at 0.62:1.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that the overall Indian stock market mood will remain positive till the Nifty 50 index trades above the 22,800 mark. The Prabhudas Lilladher expert said Dalal Street’s mood may improve further once the 50-stock index breaches the 23,200 hurdle decisively. Parekh added that the Bank Nifty index crossing above the 49,200 zones has improved the bias and can expect further rise for the following targets of 49,600 and 50,700 levels in the coming days.
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Regarding stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today — Indian Hotels Company or IHC, Hindustan Petroleum Corporation Limited or HPCL, and Birlasoft.
Stock market today
On the outlook for the Nifty 50 index today, Vaishali Parekh said, “The Nifty 50 index has once again made an all-time new high, breaching above the 23,100 zone during the intraday session but failed to give a close above the 23,000 levels with profit booking in the final hours eroded the gains to some extent. The index would have the important near-term support of 22,800 levels while on the upside, a decisive breach above 23,200 levels shall trigger for further rise till targets of 23,500 to 23,600 zone in the coming days.”
“The Bank Nifty index crossing above the 49,200 zone has improved the bias and can expect further rise for the next targets of 49,600 and 50,700 levels in the coming days with the 48,300 zone maintained as the important support level. With frontline banks like HDFC Bank, Axis Bank, SBI and Kotak Bank improving the bias, we can anticipate further upward movement,” said Parekh.
Parekh went on to add that Nifty today has immediate support at 22,800 levels while the resistance is near 23,100 levels. Bank Nifty will have a daily range of 48k,900 to 49,800 levels.
Buy or sell stocks by Vaishali Parekh
1] IHC: Buy at ₹581, target ₹604, stop loss ₹569;
2] HPCL: Buy at ₹557, target ₹580, stop loss ₹545; and
3] Birlasoft: Buy at ₹635, target ₹662, stop loss ₹622.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 28 May 2024, 06:51 AM IST
