Buy or sell stocks for today: Domestic benchmark equity indices, Sensex and Nifty 50, closed Monday’s session with minimal change, mirroring mixed signals from global markets. Despite a dip earlier in the day, both indices managed to recover by the afternoon, supported by positive trends in international markets and fresh foreign capital inflows.
The 30-share BSE Sensex fell 56.99 points, or 0.07%, to end at 79,648.92, while the Nifty 50 closed at 24,347.00, down 20.50 points or 0.08%.
The 30-share BSE Sensex closed down by 56.99 points, or 0.07%, ending at 79,648.92, while the Nifty 50 finished at 24,347.00, a decrease of 20.50 points or 0.08%.
Vaishali Parekh, vice president, technical research, Prabhudas Lilladher, observed that the Nifty 50 has been oscillating within the 24,000 to 24,400 range. According to Parekh, a clear bullish or bearish trend on Dalal Street will only emerge once the index breaks out of this range.
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For today, Parekh has recommended three stocks: GAIL, Graphite India and Jupiter Wagons as potential buy-or-sell options.
Commenting on the Nifty 50’s outlook, Parekh noted, that Nifty has been trading within a narrow range over the last 3-4 sessions, hovering around the 24,300-24,400 zone.
She added that it has yet to close above the critical 24,400 level, which is necessary to build confidence and anticipate further gains toward the next target of 24,700.
The 24,000 zone, marked by the significant 50-day Exponential Moving Average (50EMA), remains a strong support level, Parekh said.
Regarding Bank Nifty, Parekh said, “Bank Nifty overall is witnessing a sluggish move with gradual rise seen and as mentioned earlier, would need a decisive breach above the 51,000 zone to trigger for fresh upward move in the coming days. The 100-period MA zone at 49,600 level would be the crucial support zone for the index failing which a fresh slide can be anticipated. The support for the day is seen at 24,200 levels while the resistance would be seen at 24,500 levels. Bank Nifty would have the daily range of 50,200-51,000 levels.”
1] GAIL: Buy at ₹231.90, target ₹245, stop loss ₹225;
2] Graphite India: Buy at ₹542.65, target ₹575, stop loss ₹528; and
3] Jupiter Wagons: Buy at ₹568.50, target ₹600, stop loss ₹555
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.
