Buy or sell stocks today: Domestic stock market indices closed higher on Tuesday, August 20. The frontline indices witnessed solid buying on positive global cues as both the Nifty and the Sensex index closed higher after Tuesday's trading session.
The Bombay Stock Exchange (BSE) Sensex closed 0.47 per cent higher at 80,802.86 points, compared to 80,424.68 points in Monday's market close. The Nifty 50 index closed 0.51 per cent higher at 24,698.85 points, compared to 24,572.65 points in the previous session.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, says the Nifty witnessed a gradual rise, with bias and sentiments getting better as the index aims for the 25,000 mark in the coming days. Parekh estimates the Nifty 50 Spot index to get support at 24,500 points and have a resistance at 24,800 points. The Bank Nifty index would have a daily range of 50,400 to 51,400 today.
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: Apollo Tyres Ltd., Punjab National Bank (PNB), and Bajaj Hindusthan Sugar Ltd.
For the outlook on the Nifty 50 and the Bank Nifty index, Vaishali Parekh said, “Nifty has witnessed a gradual rise with bias and sentiment getting better and is aiming for the psychological zone of 25,000 in the coming days with indicators signifying strength.”
“The broader markets have been actively participating as mentioned earlier and are providing good support to the benchmark index with mid-cap and small-cap stocks having much upside potential,” she said.
“Bank Nifty during the intraday session gained strength to move past the significant 50EMA zone of 50,750 levels to improve the bias and further would need a decisive breach above the 51,000 zone to establish confirmation for further upward movement. The zone near the important 100 period MA at 40,700 levels would remain as the strong support, which needs to be sustained to maintain the bias intact,” said Parekh.
Parekh added that the Nifty 50 for today has support at 24,500, while the resistance lies at 24,800. The Bank Nifty index would have a daily range of 50,400 to 51,400.
1. Apollo Tyres Ltd: Buy at ₹499; Target at ₹525; Stop Loss at ₹487.
2. Punjab National Bank (PNB): Buy at ₹117.35; Target at ₹124; Stop Loss at ₹115.
3. Bajaj Hindusthan Sugar Ltd: Buy at ₹42; Target at ₹46; Stop Loss at ₹40.50.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
