Buy or sell stocks for today: The Indian stock market broke a five-day losing streak on Friday, buoyed by strong global market sentiments. The Nifty 50 index soared to a new peak of 24,861, finishing 428 points higher. The BSE Sensex also saw a significant surge, skyrocketing 1,292 points to close at 81,332. The Bank Nifty index ended 407 points higher at 51,295, further boosting the positive sentiment. Cash market volumes on the NSE were up 5.7 percent, and the mid-cap index outperformed the Nifty 50 index, maintaining a positive advance-decline ratio at 2.07:1.
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, exudes confidence in the Indian stock market's improved sentiment. She points to the Nifty 50 index's surge to a new peak of 24,861 on Friday as a clear indicator. According to Prabhudas Lilladher expert, Bank Nifty's successful move past the significant 50-EMA of 50,950 zones and closing above 51,000 has significantly improved the bias, paving the way for a further rise.
Regarding stocks to buy today, Vaishali Parekh recommended buying these three buy-or-sell stocks: State Bank of India (SBI), Samvardhana Motherson, and NMDC.
On the outlook for Nifty today, Vaishali Parekh said, "Nifty 50 index was subjected to huge fluctuations and mood swings witnessed during the highly volatile week but ended on a very positive note, recovering significantly and scaling the all-time high at 24,861. The 50-stock index has again improved the trend and is poised for further upward move with active participation from the broader markets witnessed."
"The Bank Nifty index also has witnessed a decent revival from the 50500 zone. Moving past the significant 50-EMA level of 50,950 and closing above 51,000 has improved the bias to anticipate a further rise. The index would have to breach above the 52,800 zone for the overall trend to improve on the daily chart," said Parekh.
Parekh added that the Nifty today has immediate support at 24,700 while resistance at 25,000. The Bank Nifty would have a daily range of 50,800 to 51,800.
1] SBI: Buy at ₹862.45, target ₹895, stop loss ₹844;
2] Motherson: Buy at ₹496.40, target ₹205, stop loss ₹192; and
3] NMDC: Buy at ₹238.55, target ₹250, stop loss ₹232.
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.
