Buy or sell stocks today: The Indian domestic stock market index Nifty closed higher for the fifth consecutive session on Wednesday, August 21. The index was fueled by the gains from the domestic FMCG and IT sector, closing 0.29 per cent higher at 24,770.20 points, compared to 24,698.85 points at the previous market close.
The Bombay Stock Exchange (BSE) Sensex closed 0.13 per cent higher at 80,905.30 points after Wednesday's session, compared to 80,802.86 points at the previous close.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, says Nifty witnessed a steady rise to close about the important resistance zone and is expected to maintain a positive stance in the coming days. Parekh estimates the Nifty 50 Spot index to get support at 24,650 points and have a resistance at 24,900 points. The Bank Nifty index would have a daily range of 50,300 to 51,200 today.
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: Gujarat Narmada Valley Fertilizers & Chemical Ltd. (GNFC), Gujarat State Petronet Ltd. (GSPL), and CIPLA Ltd.
For the outlook on the Nifty 50 and the Bank Nifty index, Vaishali Parekh said, “The Nifty index is witnessing a steady gradual rise and has closed above the important resistance zone of 24,750 levels with bias and sentiment maintained positive, anticipating a further rise in the coming days.”
“The psychological near-term target of 25,000 levels can be expected with 24,400 zone maintained as the good support level. Bank Nifty has been finding tough resistance near the 50-EMA zone of 50,800 levels and is moving within a narrow range for the past 2 sessions,” said the stock market expert.
“As mentioned earlier, a decisive breach above the 51,000 zone is necessary to establish conviction and thereafter anticipate for further upward movement in the coming days,” said Parekh.
Parekh added that the Nifty 50 for today has support at 24,650, while the resistance lies at 24,900. The Bank Nifty index would have a daily range of 50,300 to 51,200.
1. Gujarat Narmada Valley Fertilizers & Chemical Ltd (GNFC): Buy at ₹668; Target at ₹697; Stop Loss at ₹654.
2. Gujarat State Petronet Ltd. (GSPL): Buy at ₹332; Target at ₹347; Stop Loss at ₹324.
3. CIPLA Ltd: Buy at ₹1,594.60; Target at ₹1,660; Stop Loss at ₹1,560.
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.
