Buy or sell stocks for today: Despite mixed trends in the global markets, the Indian stock market ended higher on Friday. The Nifty 50 index finished 186 points higher at 24,502. The BSE Sensex shot up 622 points and closed at 80,519, whereas the Bank Nifty index ended marginally higher at 52,278. The rally in the Indian stock market was fueled by strong buying of Indian IT stocks after strong TCS Q1 results 2024. Cash market volumes on the NSE rose 11.2% to ₹1.55 lakh crore. The broad market indices ended negatively even as the advance-decline ratio fell to 0.67:1.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that the Nifty 50 index has come out of the consolidation range of 24,150 to 24,450. The Prabhudas Lilladher expert expected a next set of bull run on Dalal Street after Nifty's fresh breakout on the chart pattern and predicted that Nifty may touch 24,900 in the near term.
Regarding stocks to buy today, Vaishali Parekh recommended buying Birlasoft, Cyient, and Ramkrishna Forgings, three buy-or-sell stocks.
On the outlook for Nifty today, Vaishali Parekh said, “Nifty has been moving within a tight range between 24,150 and 24,450 levels for quite some time and currently with a positive bullish candle formation has indicated a breakout to come out of the consolidation zone improving the trend and further rise is anticipated. As mentioned earlier, the index would have the next higher targets of 24,900 and 25,600 levels with the 24,000 zone maintained as the crucial support.”
"The Bank Nifty index, after indicating a positive move, fizzled out in the second half to erode the gains and close on a flat note. The index needs to breach above the 53,300 zone to trigger a fresh breakout and expect further rise with a target of 55,100 levels visible," said Parekh.
Parekh added that the Nifty today has immediate support at 24,400 levels and resistance at 24,700. The Bank Nifty index would have a daily range of 51,900 to 52,700.
1] Birlasoft: Buy at ₹732.35, target ₹770, stop loss ₹716;
2] Cyient: Buy at ₹1838, target ₹1935, stop loss ₹1800; and
3] Ramkrishna Forgings: Buy at ₹920, target ₹965, stop loss ₹898.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
