Buy or sell stocks for today: Ahead of the central bank policy meetings in the United States, UK and Japan, the Indian stock market started the week with marginal gains. The Nifty 50 index finished at 24,842, adding 7 points in the previous close. The BSE Sensex went up 23 points and closed at 81,355, whereas the Bank Nifty index ended 92 points higher at 51,388. Broad market indices showed a decent rise even as the advance-decline ratio rose to 1.33:1.
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes that the overall Indian stock market trend is positive. The Nifty 50 index almost touched the psychological 25,000 peak. The Prabhudas Lilladher expert said that the Nifty today is all set to touch 25,600. Parekh said that major support for the 50-stock index is now placed at 24,500.
Regarding stocks to buy today, Vaishali Parekh recommended buying these three buy-or-sell stocks: NBCC, BLS International, and RailTel.
On the outlook for Nifty today, Vaishali Parekh said, "Nifty in the morning session almost touched the psychological level of 25,000, making a new high and created history once again with some profit booking in the second half to neutralise the gains with overall bias maintained strong. The index has an upside target of 25,600 from the current rate with a major support zone near 24,500."
"The Bank Nifty index remaining above the 51,000 zones shall maintain the bias positive, and a decisive breach above 52,800 would overall strengthen the trend to anticipate for the further upward move with an initial target of 53,500 level and after that, with strength sustaining can achieve 55,100 zones in the coming days," said Parekh.
Parekh added that Nifty's immediate support today is at 24,700, while resistance is at 25,000. The Bank Nifty would have a daily range of 51,000 to 52,000.
1] NBCC: Buy at ₹187.60, target ₹196, stop loss ₹183;
2] BLS International Service: Buy at ₹359, target ₹376, stop loss ₹351; and
3] RailTel: Buy at ₹509.70, target ₹535, stop loss ₹497.
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.
