Buy or sell stocks for today: Following positive global market sentiments on cooling US recession fears, the Indian stock market finished higher on Friday. The Nifty 50 index surged 250 points to 24,367, the BSE Sensex shot up 819 points to 79,705, and the Bank Nifty index finished 327 points higher at 50,484. Cash market volumes on the NSE were about one percent lower than the previous day. The mid-cap index rose more than the Nifty 50 index even as the advance-decline ratio moderated to 1.58:1.
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes the Nifty 50 index sustained above the crucial 24,000 support despite trading range-bound for the entire week. The Prabhudas Lilladher expert maintained that the 50-stock index is facing a hurdle at 24,400, and a fresh bull trend can be assumed once the frontline index breaches above 24,750 on a closing basis.
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: Samvardhan Motherson, ABFRL, and Gabriel India.
On the outlook for Nifty today, Vaishali Parekh said, "The Nifty 50 index witnessed a range-bound session during the week, maintaining the strong support zone near 24,000 levels while 24,400 was acting as the resistance barrier which needs to be decisively breached to establish conviction for further rise in the coming days. The index needs to fill up the gap with the next initial target of 24,750 levels expected, and with bias improving, we anticipate further gains in the coming week."
"The Bank Nifty index remained range-bound during the week with support maintained near the important 100 period MA of 49,500 zone and would need a decisive breach above 51,000 levels to establish conviction for further upward movement after that," said Parekh.
1] Samvardhan Motherson: Buy at ₹187.75, target ₹196, stop loss ₹184;
2] ABFRL: Buy at ₹324.70, target ₹340, stop loss ₹317; and
3] Gabriel India: Buy at ₹503.55, target ₹528, stop loss ₹492.
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.
