Buy or sell stocks: The Indian stock market experienced significant volatility in Wednesday's trading session. The rebound in Adani stocks was offset by weak performances from index heavyweights, causing wide fluctuations throughout the session. The Nifty 50 index closed 0.33 per cent higher at 24,274.90 points, compared to 24,194.50 points at the previous market close.
The BSE Sensex index closed 0.29 per cent higher at 80,234.08 points on Wednesday, compared to 80,004.06 points at the previous market close.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said the Nifty has been gradually showing signs of a rebound, with adverse sentiment easing out. The market is expected to rise further in the upcoming days. Parekh estimates the Nifty 50 Spot index to find support at 24,100 points and face resistance at 24,500 points. The Bank Nifty index will likely move in the 51,800 to 52,800 range.
Parekh recommended three buy-or-sell stocks for Thursday: Morepen Laboratories Ltd, HFCL Ltd, and Hindustan Unilever Ltd.
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty has been gradually showing signs of improvement in the bias with the sentiment easing out. With consolidation witnessed near 24,200-24,300 zone, there is anticipation of further positive development in the coming days.”
“The index would need to move past the important 50EMA-zone of 24,400 to establish conviction and after that anticipate further rise, with 24,000 zone as the crucial and important support as of now,” said the stock market expert.
“Bank Nifty has been hovering near the 52,000-52,300 zone and as mentioned earlier, would need to breach above the 52,550 zone decisively to trigger a fresh upward move with conviction. The 50EMA zone of 51,500 levels would be important near-term support for the index, which needs to be sustained as of now,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 24,100 points, while the resistance lies at 24,500 points. The Bank Nifty index would have a daily range of 51,800 to 52,800.
1. Morepen Laboratories Ltd. (MOREPENLAB): Buy at ₹76; Target at ₹81; Stop Loss at ₹74.
2. HFCL Ltd. (HFCL): Buy at ₹133; Target at ₹140; Stop Loss at ₹128.
3. Hindustan Unilever Ltd. (HINDUNILVR): Buy at ₹2,490; Target at ₹2,600; Stop Loss at ₹2,420.
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.
