Buy or sell stocks today: The Indian domestic stock market index Nifty closed higher for the sixth consecutive session on Thursday, August 22. The index was fueled by the positive cues from global markets, closing 0.17 per cent higher at 24,811.50 points, compared to 24,770.20 points at the previous market close.
The Bombay Stock Exchange (BSE) Sensex closed 0.18 per cent higher at 81,053.19 points after Wednesday's session, compared to 80,905.30 points at the previous close.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, says Nifty continues to gain strength and steadily reach the 24,800 zone. With the market sentiment maintained at a strong position, it is estimated to target the 25,000 zone. Parekh estimates the Nifty 50 Spot index to get support at 24,700 points and have a resistance at 25,000 points. The Bank Nifty index would have a daily range of 50,600 to 51,500 today.
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: Tata Chemicals Ltd., Indian Hotels Co. Ltd., and Latent View Analytics Ltd.
For the outlook on the Nifty 50 and the Bank Nifty index, Vaishali Parekh said, “Nifty continues to gain strength steadily and gradually reaching the 24800 zone with bias and sentiment maintained strong as mentioned earlier and is anticipated to aim for the target of 25000 zone in the coming days.”
“The broader markets are also gaining strength to support the benchmark index, and further rise is expected, maintaining a bullish trend,” said the stock market expert.
“Bank Nifty ended on a positive note, finding resistance near the 51000 zone and, as mentioned earlier, would need a decisive breach above the barrier of 51000 levels to trigger a fresh upward move with the next targets of 52600 and 53500 levels visible in the coming days,” said Parekh.
Parekh added that the Nifty 50 for today has support at 24,700, while the resistance lies at 25,000. The Bank Nifty index would have a daily range of 50,600 to 51,500.
1. Tata Chemicals Ltd. (TATACHEM): Buy at ₹1,085.45; Target at ₹1,130; Stop Loss at ₹1,060.
2. Indian Hotels Co. Ltd. (INDHOTEL): Buy at ₹644.60; Target at ₹674; Stop Loss at ₹630.
3. Latent View Analytics Ltd. (LATENTVIEW): Buy at ₹510.90; Target at ₹535; Stop Loss at ₹498.
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.
