Buy or sell stocks today: The Indian stock market indices, Sensex and Nifty 50, hit fresh record highs on Wednesday, August 28. The trading session marked the 10th successive day of Nifty closing in gains. After Wednesday's trading session, Nifty 50 closed 0.14 per cent at 25,052.35 points, compared to 25,017.75 points in the previous market close.
The Bombay Stock Exchange (BSE) Sensex closed 0.09 per cent higher at 81,785.56 points, compared to 81,711.76 points in the previous market close.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, says the Nifty has sustained above the 25,000 zone with the positive bias making the new highs near 25,130 levels. With profit bookings closed near the 25,000 zone once again, the index looks poised for further rise to the next target of 25,600 levels.
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: Engineers India Ltd., IndusInd Bank Ltd., and Wipro Ltd.
For the outlook on the Nifty 50 and the Bank Nifty index, Vaishali Parekh said, “Nifty has sustained above the 25,000 zone with bias maintained positive making new highs near 25,130 level but with profit booking witnessed closed near the 25,000 zone once again.”
“The index looks well poised for further rise for next target of 25,600 levels as mentioned earlier, provided the zone near 24,900 level is sustained as of now,” said the stock market expert.
“Bank Nifty finding resistance near 51,400 levels during the session, overall is witnessing a sluggish move as compared to Nifty index and with 50,800 zone of the significant 50EMA levels maintained as the crucial support and upside has initial targets of 52,500 and 53,400 levels in the coming days,” said Parekh.
Parekh said that the Nifty 50 for today has support at 24,900, while the resistance lies at 25,200. The Bank Nifty index would have a daily range of 50,800 to 51,700.
1. Engineers India Ltd. (ENGINERSIN): Buy at ₹220; Target at ₹240; Stop Loss at ₹213.
2. IndusInd Bank Ltd. (INDUSINDBK): Buy at ₹1,415; Target at ₹1,450; Stop Loss at ₹1,390.
3. Wipro Ltd. (WIPRO): Buy at ₹534.6; Target at ₹560; Stop Loss at ₹522.
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.
