Buy or sell stocks today: The Indian stock market indices, Sensex and Nifty 50, hit record highs on Thursday, August 29, fueled by index heavyweights such as Reliance Industries, Tata Motors, and ITC. The trading session marked the 11th successive day of Nifty closing in the green. After Thursday's trading session, Nifty 50 closed 0.4 per cent at 25,151.95 points, compared to 25,052.35 points in the previous market close.
The Bombay Stock Exchange (BSE) Sensex closed 0.43 per cent higher at 82,134.61 points, compared to 81,785.56 points in the previous market close.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, says the Nifty's slow and steady march ahead with hitting new highs made with bias and sentiment becoming better estimates a further rise to the next target of 25,600 levels in the coming days. Parekh estimates the Nifty 50 Spot index to get support at 25,000 points and have a resistance at 25,300 points. The Bank Nifty index would have a daily range of 50,800 to 51,700 today.
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: Hindustan Petroleum Corporation Ltd., Maruti Suzuki India Ltd., and Power Finance Corporation Ltd.
For the outlook on the Nifty 50 and the Bank Nifty index, Vaishali Parekh said, “Nifty slowly and steadily is marching ahead with new highs made with bias and sentiment getting better anticipating for further rise with next target of 25,600 level expected in the coming days, as mentioned earlier.”
“The frontline stocks like RIL, ITC, TCS, Infy and L&T are looking good which can help the index to gain further and achieve new heights,” said the stock market expert.
“Bank Nifty has been moving with a range having tough resistance near 51,400 levels and just maintaining above the important 50EMA zone of 50,800 levels as the support. The index would need a decisive breach above 51,400 levels to trigger for fresh upward move having 52,500 and 53,400 levels as the next initial targets,” said Parekh.
Parekh said that the Nifty 50 for today has support at 25,000, while the resistance lies at 25,300. The Bank Nifty index would have a daily range of 50,800 to 51,700.
1. Hindustan Petroleum Corporation Ltd. (HINDPETRO): Buy at ₹415.8; Target at ₹450; Stop Loss at ₹403.
2. Maruti Suzuki India Ltd. (MARUTI): Buy at ₹12,450; Target at ₹13,000; Stop Loss at ₹12,100.
3. Power Finance Corporation Ltd. (PFC): Buy at ₹554; Target at ₹575; Stop Loss at ₹540.
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.
