Buy or sell stocks today: Domestic stock market indices closed flat on Monday, August 19. The frontline indices witnessed some profit booking amid mixed global cues ahead of the US Fed meeting.
The Bombay Stock Exchange (BSE) Sensex closed 0.02 per cent lower at 80,424.68 points, compared to 80,436.84 points in Friday's market close. The Nifty 50 index closed 0.13 per cent higher at 24,572.65 points, compared to 24,541.15 points in the previous session.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, says the Nifty witnessed a sluggish day in the 24,570 points zone, maintaining the positive bias and sentiment, with upside movement expected in the coming days. Parekh estimates the Nifty 50 Spot index to get support at 24,400 points and have a resistance at 24,750 points. The Bank Nifty index would have a daily range of 49,900 to 50,800 today.
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: National Aluminium Corp. Ltd., Bharat Petroleum Corp. Ltd. (BPCL), and Gas Authority of India Ltd. (GAIL).
For the outlook on the Nifty 50 and the Bank Nifty index, Vaishali Parekh said, “Nifty, after the strong pullback on Friday session, witnessed a sluggish day hovering near the 24,570 zone, maintaining the positive bias and sentiment, with upside movement anticipated in the coming days.”
“Nifty can surge ahead with the next target of 24,800 open with the broader markets also actively supporting the benchmark index. BankNifty once again witnessed resistance near the 50EMA zone of 50,750 levels and ending in the red to come again inside the rectangular box with crucial and important support zone maintained near the 49,700 zone as mentioned earlier,” said the stock market expert.
Parekh added that the Nifty 50 for today has support at 24,400, while the resistance lies at 24,750. The Bank Nifty index would have a daily range of 49,900 to 50,800.
1. National Aluminium Corp. Ltd: Buy at ₹171.35; Target at ₹182; Stop Loss at ₹167.
2. Bharat Petroleum Corp. Ltd. (BPCL): Buy at ₹343.80; Target at ₹360; Stop Loss at ₹335.
3. Gas Authority of India Ltd. (GAIL): Buy at ₹238.90; Target at ₹252; Stop Loss at ₹233.
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.
