Buy or sell stocks for today: Despite weak global market sentiments on rising US-China tension, the Indian stock market ended higher in the fourth straight session on Thursday. The Nifty 50 index gained 187 points and finished at a record closing high of 24,800. The BSE Sensex finished 626 points northward at 81,343, while the Bank Nifty index ended 223 points up at 52,620. Cash market volumes on the NSE rose 18 percent to ₹1.48 lakh crore. The broad market indices ended negatively even as the advance-decline ratio fell sharply to 0.47:1.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that the undertone for the Indian stock market is bullish, and the Nifty 50 index may touch 25,000 in the near term. The Prabhudas Lilladher expert said that the immediate target for Nifty today is 25,000, whereas 25,400 can be assumed as a higher target for the 50-stock index.
Regarding stocks to buy today, Vaishali Parekh recommended buying these three buy-or-sell stocks: Snowman Logistics, Ajanta Pharma, and Chambal Fertilisers.
On the outlook for Nifty today, Vaishali Parekh said, "Nifty index, after two sessions of sluggish move, witnessed a huge positive bullish candle to create history once again scaling 24,800 levels and with the undertone maintained strong can achieve 25,000 level in the coming sessions before the budget announcement. The index continues to gain strength, making new highs each day, and with the support zone now escalated to 24,400 levels, has next higher targets of 25,000 and 25,400 levels visible."
"The Bank Nifty index has been hovering within the range band of 52,800 and 52,000, and a decisive breach above the 52,800 zone shall trigger a fresh upward move with next targets of 53,500 and 55,100 levels expected in the coming days," said Parekh.
1] Snowman Logistics: Buy at ₹76.55, target ₹81, stop loss ₹74.50;
2] Ajanta Pharma: Buy at ₹2285, target ₹2400, stop loss ₹2235; and
3] Chambal Fertilisers: Buy at ₹512, target ₹535, stop loss ₹500.
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.
