Buy or sell stocks for today: Following weak global market trends, the Indian stock market ended lower on Thursday. The Nifty 50 index dropped 197 points and closed at 24,100, while the BSE Sensex corrected 581 points and ended at 78,886. The Bank Nifty index finished marginally lower at the 50,113 mark. Cash market volumes on the NSE were down another 2.6 percent compared to the previous day. The broad market indices fell less than the Nifty even as the advance-decline ratio plunged to 0.70:1.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Nifty 50 index is trading in a tough narrow range, facing a hurdle at 24,350. The Prabhudas Lilladher expert said that the overall Indian stock market sentiment is cautious till the 50-stock index remains in the 23,950 to 24,350 range. Parekh said that Dalal Street bias will improve once the frontline index breaches the 24,350 to 24,400 hurdle on a closing basis.
Regarding stocks to buy today, Vaishali Parekh recommended three buys or sell stocks: Tanla Platforms, Bharat Forge, and ICICI Prudential Life Insurance Company.
On the outlook for Nifty today, Vaishali Parekh said, "The Nifty 50 index has been moving within a narrow range with tough resistance witnessed near the 24,350 zones, and the downside has 23,950 as the important crucial support level. With the bias maintained with a little cautious approach, the index needs to decisively breach above the 24,350 to 24,400 zone to anticipate further rise with conviction."
"The Bank Nifty Index has been moving sideways, with 49700 maintained as the important support zone, and it would need to sustain above 50,700 to gather some momentum and establish conviction for further upward movement of the index. HDFC Bank, with strong support maintained near the ₹1600 zone, is the lone stock holding the index intact," said Parekh.
Parekh added that Nifty's immediate support today is at 24,000, while resistance is at 24,300. The Bank Nifty will have a daily range of 49,800 to 50,600.
1] Tanla Platforms: Buy at ₹958, target ₹1010, stop loss ₹936;
2] Bharat Forge: Buy at ₹1605.45, target ₹1675, stop loss ₹1570; and
3] ICICI Prudential Life Insurance Company: Buy at ₹738.65, target ₹770, stop loss ₹722.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
