Buy or sell stocks for today: The range-bound movement with a positive bias continued at the Indian stock market for the fifth day in a row on Thursday. The Nifty 50 index created history by climbing to its 25,000 peak decisively. The fifty-stock index scaled the last 1,000 points in just 24 sessions. The frontline index achieved this feat despite various challenges, such as FIIs' selling, the initial negative reaction to the Union Budget, developments on the Israel-Hamas conflict, deepening US-China trade tensions, uninspiring Q1FY25 results, etc.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that Indian stock market sentiment has become highly bullish as the Nifty 50 index has conquered the psychological 25,000 peak. The Prabhudas Lilladher expert said that the frontline heavyweight stocks like HDFC Bank and RIL are well placed and optimistic about carrying the index to a fresh new zone in the coming days. Vaishali said that the 50-stock index has crucial support placed at 24,750, whereas the frontline index is all set to touch 25,200 and 25,500 in the near term.
Regarding stocks to buy today for intraday trading, Vaishali Parekh of Prabhudas Lilladher recommended these three buy or sell stocks: Tata Consumer Products, Minda Corp, and LT Foods.
On the outlook for Nifty today, Vaishali Parekh said, "Nifty has conquered the 25,000 zones with strength indicated and with 24,750 zones as the near-term important support level one can anticipate further rise for next initial target of 25,500 levels as mentioned earlier with bias maintained strong. The frontline heavyweight stocks like HDFC Bank and RIL are well placed and looking positive to carry the index to a fresh new zone in the coming days."
"The Bank Nifty index has been sluggish since the last three to four sessions, hovering near the 51,600 zone for quite some time. A decisive breach above the 52,000 zone would improve the bias, and further strength will be confirmed once a breakout above 52,800 is confirmed," said Parekh.
Parekh added that Nifty today has immediate support at 24,900 while the resistance is at 25,200. The Bank Nifty would have a daily range of 51,200 to 52,000.
1] Tata Consumer Products: Buy at ₹1208.35, target ₹1257, stop loss ₹1182;
2] Minda Corp: Buy at ₹515, target ₹540, stop loss ₹502; and
3] LT Foods: Buy at ₹307, target ₹322, stop loss ₹300.
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.
