Buy or sell stocks for today: Following a sell-off in the global markets on renewed US recession fear, the Indian stock market snapped its five-day winning steak on Friday. The Nifty 50 index crashed 311 points and closed at 24,699. The BSE Sensex tanked 885 points and ended at 80,981, whereas the Bank Nifty index corrected 226 points and finished at 51,337. The global market's bias has weakened further after the higher jobless claim data in the US followed the bloodbath on Wall Street on Friday.
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes that the outlook for the Indian stock market is still positive despite heavy selling on Friday. The Prabhudas Lilladher expert said that the Nifty 50 index has crucial support at 24,400 to 24,450, while 25,000 would act as a psychological barrier for the 50-stock index.
Regarding stocks to buy today, Vaishali Parekh recommended buying these three buy or sell stocks: Himadri Speciality Chemical Ltd (HSCL), SONACOMS, and Alembic.
On the outlook for Nifty today, Vaishali Parekh said, "Nifty gained strength during the week, scaling the 25,000 zone, creating history. The last trading session witnessed heavy profit from weak global cues, while the overall bias remained positive. The index would have the crucial support zone near 24,400 to 24,450, while 25,000 would act as a psychological barrier as of now."
"The Bank Nifty index has been underperforming compared to the Nifty index, with resistance witnessed near the 51,800 zone during the week. The significant 50-EMA level of 51,000 has maintained its immediate and crucial support zone," said Parekh.
Parekh added that Nifty's immediate support today is at 24,600, while resistance is at 24,900. The Bank Nifty's daily range is 51,000 to 51,800.
1] HSCL: Buy at ₹467.25, target ₹493, stop loss ₹457;
2] SONACOMS: Buy at ₹689.20, target ₹725, stop loss ₹675; and
3] Alembic: Buy at ₹147, target ₹154, stop loss ₹143.
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
