Buy or sell stocks today: Indian stock market indices BSE Sensex and Nifty 50 closed higher for the third successive trading session on Monday, September 23. The indices reached a new record high fueled by strong support from the financial services sector. The Nifty 50 index surged 0.57 per cent to 25,939.05 points after Monday's session, compared to 25,790.95 points at Friday's market close.
The BSE Sensex rose 0.45 per cent, closing at 84,928.61 points, compared to 84,544.31 points in the previous market close.
Chartered Accountant Rudra Murthy B.V., founding director of Vachana Investments, said that Nifty reached an all-time high with an outperforming banking sector. The public sector banks saw outperformance over the private sector banks on short covering.
For today, CA Rudra Murthy B.V. recommended three buy-or-sell stocks: State Bank of India, Gas Authority of India Ltd (GAIL), and Hindustan Petroleum Corporation Ltd.
On the outlook for the Nifty 50 and the Bank Nifty index, Rudra Murthy said, “Nifty and Bank Nifty hit all-time highs with outperformance from Banks. PSU banks saw outperformance over private banks on short covering. Also in general more short covering was clearly visible in general in PSU today.”
“FMCG, PHARMA and Banks can see continued outperformance,” said the stock market expert.
1. State Bank of India (SBIN): Buy — Target at ₹840; Stop Loss at ₹790.
“Stock trading above 800 short-term resistance. Can see some short covering & fresh buying,” said CA Murthy.
2. Gas Authority of India Ltd (GAIL): Buy — Target at ₹240; Stop Loss at ₹210.
"Strong support at 210. Risk reward favourable to buy at cmp (current market price)," said the stock market expert.
3. Hindustan Petroleum Corporation Ltd (HINDPETRO): Buy — Target at ₹445; Stop Loss at ₹395.
“Expect good quarter with crude coming down is positive for this stock,” said CA Murthy.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
