Buy or sell stocks for today: Following weak global market cues after lacklustre earnings from US tech behemoths Tesla and Alphabet, the Indian stock market ended lower for the fourth straight session. The Nifty 50 index slipped 40 points and closed at the 24,438 mark, the BSE Sensex shed 280 points and closed at 80,148, while the Bank Nifty index finished 348 points at 51,429. Cash market volumes fell 19 percent to ₹1.37 lakh crore. The broad market indices ended positively, even as the advance-decline ratio rose sharply to 3.26:1.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that 24,150 will be crucial near-term support for the Nifty 50 index in the current volatile market. However, the Prabhudas Lilladher expert said crucial support for Nifty today is placed at 24,000. Vaishali noted that bias for Bank Nifty has become weak as the frontline index decisively breached below the 51,000 zone.
Regarding stocks to buy today, Vaishali Parekh recommended buying Sun Pharmaceutical Industries, Steel Authority of India Ltd (SAIL), and Aditya Birla Fashion and Retail Ltd (ABFRL), which are buy-or-sell stocks for today.
On the outlook for the Nifty today, Vaishali Parekh said, "The Nifty 50 index witnessed consolidation as of now and would have the major and crucial support zone of 24,000, which needs to be sustained. For the near term, the 24,150 zone would be the important support at times of volatility."
"The Bank Nifty index has indicated some weakness in the last two sessions and has breached below the 51,000 zone during the intraday session, maintaining a cautious approach. As mentioned earlier, a decisive move past the 52,800 levels is necessary to improve the bias overall," said Parekh.
Parekh added that Nifty today has immediate support at 24,300 while the resistance is at 24,600. The Bank Nifty would have a daily range of 50,800 to 51,800.
1] Sun Pharma: Buy at ₹1619, target ₹1690, stop loss ₹1585;
2] SAIL: Buy at ₹147, target ₹154, stop loss ₹144; and
3] ABFRL: Buy at ₹322, target ₹340, stop loss ₹315.
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
