Buy or sell stocks for today: Following strong global market sentiments, the Indian stock market ended higher on Friday as ease in the US recession fear renewed the US Fed rate cut buzz. The Nifty 50 index finished 396 points north at the 24,540 mark, the BSE Sensex shot up 1,330 points and closed at 80,436, while the Bank Nifty index gained 788 points and ended at 50,515. In the broad market, the BSE Small-cap index skyrocketed 1.70 per cent, whereas the Mid-cap index shot up 1.80 per cent during Friday deals. All sectors ended in green, with IT and realty being the top gainers with over 2 per cent intraday gains.
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes the Indian stock market bias has improved after the Nifty 50 index decisively breached the 24,400 mark. The Prabhudas Lilladher expert said that the 50-stock index has crucial support at 24,200, and the frontline index is set to touch 24,800 soon.
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: IndusInd Bank, Biocon, and Ashok Leyland.
On the outlook for Nifty today, Vaishali Parekh said, "The Nifty index has witnessed a strong move, breaching above the resistance barrier of the 24,400 zone to improve the bias and sentiment significantly. We anticipate a further rise in the coming days. With the 24,200 zones now acting as important support from here on, the index can move upward for the next initial target of 24,800, and thereafter, the psychological 25,000 zones can be retested."
"The Bank Nifty index witnessed a strong pullback from the important 100 periods MA level of 49,700 zones to improve the bias and with sentiment getting better, can expect for further rise once the resistance barrier of 50,800 is convincingly breached above, having higher targets of 52,000 and 53,400 in the coming days," said Parekh.
Parekh added that Nifty today has immediate support at 24,400 while the resistance is at 24,750. The Bank Nifty would have a daily range of 50,200 to 51,000.
1] IndusInd Bank: Buy at ₹1364, target ₹1420, stop loss ₹1335;
2] Biocon: Buy at ₹340.95, target ₹357, stop loss ₹332; and
3] Ashok Leyland: Buy at ₹255.95, target ₹268, stop loss ₹249.
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.
