Buy or sell stocks today: The Indian stock market closed largely flat on Friday despite gains in Asian and European indices. The benchmark Nifty50 index closed 0.05% higher at 24,823.15 points on Friday, while the BSE Sensex closed 0.04% higher at 81,086.21 points.
Vaishali Parekh, vice president, technical research at Prabhudas Lilladher, said that the Nifty witnessed a steady and gradual gain last week, finding resistance near the 24,850 zone. It continues to maintain a strong bias and sentiment, which is estimated to improve further in the coming days. Parekh estimates the Nifty50 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 51,400 today.
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: HBL Power Systems Ltd., GNA Axles Ltd., and Time Technoplast Ltd.
For the outlook on the Nifty 50 and the Bank Nifty index, Vaishali Parekh said, “Nifty witnessed a steady and gradual gain during the week finding resistance near the 24,850 zone maintaining a strong bias and with sentiment much improved is anticipated for further rise in the coming days.”
“As mentioned earlier, the psychological target of 25,000 level can be achieved with 24,500 zone maintained as the near-term support level,” said the stock market expert.
“Bank Nifty has been witnessing a sluggish movement for quite some time gripped between the tough band of 51,000 and 50,300 levels and as we have been mentioning earlier, would need a decisive breach above the 51,000 barrier to trigger for fresh upward move. At the same time, the zone near 49,600 level is maintained 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 24,700, while the resistance lies at 25,000. The Bank Nifty index would have a daily range of 50,600 to 51,400.
1. HBL Power Systems Ltd. (HBL POWER): Buy at ₹657.20; Target at ₹690; Stop Loss at ₹642.
2. GNA Axles Ltd. (GNA AXLES): Buy at ₹434.25; Target at ₹460; Stop Loss at ₹424.
3. Time Technoplast Ltd. (TIME TECHNO): Buy at ₹399; Target at ₹420; Stop Loss at ₹391.
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.
