Buy or sell stocks for today: Following strong global market cues, the Indian stock market ended higher on Monday. Logging an intraday gain of 131 points, the Nifty 50 index finished at a record closing high of 24,141. The BSE Sensex finished 443 points higher at 79,476, whereas the Bank Nifty index gained 232 points and closed at 52,574. Cash market volumes on the NSE fell to ₹1.20 lakh crore. The broad market indices rose more than the Nifty even as the advance-decline ratio rose to 2.6:1.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that the Nifty 50 index has sustained above the 24,000 mark, and now the 50-stock index is heading for its following targets of 24,500 and 24,800. The Prabhudas Lilladher expert said that the Bank Nifty index is gaining strength and is now heading for 53,500 and 55,100. Regarding stocks to buy today, Vaishali Parekh recommended buying these three buy or sell stocks: Birlasoft, Chambal Fertilisers, and Aarti Industries.
On the outlook for the Nifty 50 index, Vaishali Parekh said, "Nifty, after the breather witnessed, once again gained momentum to continue with the positive move with 24000 maintained as the near-term support and is anticipated to rise further for next higher targets of 24500 and 24800 levels in the coming days."
"The Bank Nifty index once again indicated a higher low formation on the daily chart and gaining momentum to regain strength heading for the next targets of 53500 and 55100 levels as mentioned earlier," said Parekh.
Parekh went on to add that the Nifty today has immediate support at 24,000 while resistance is seen at 24,300. The Bank Nifty would have a daily range of 52,200 to 53,000.
1] Birlasoft: Buy at ₹717.60, target ₹745, stop loss ₹703;
2] Chambal Fertilisers: Buy at ₹523.15, target ₹545, stop loss ₹512; and
3] Aarti Industries: Buy at ₹705, target ₹732, stop loss ₹690.
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.
