Buy or sell stocks for today: Following strong global market sentiments on the US Fed rate cut buzz, the Indian stock market ended higher on Wednesday. Strong buying was witnessed across segments; all three frontline indices touched a new lifetime high. The Nifty 50 index ended at 24,286 after a new high of 24,309. The BSE Sensex finished at 79,986 after climbing to a new peak of 80,074. The Bank Nifty index ended at 53,089 after hitting a new lifetime high of 53,256. Cash market volumes on the NSE rose 2.4% to ₹1.36 lakh crores. The broad market indices rose more than the Nifty even as the advance-decline ratio rose to 1.7:1.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market has gained strength as the Nifty 50 index hit a new peak above 24,300. The Prabhudas Lilladher expert said that the 50-stock index is set to touch the next near-term target of 24,500 and 24,900. Regarding stocks to buy today, Vaishali Parekh recommended buying these three buy or sell stocks: Steel Authority of India Limited or SAIL, Paras Defence, and NMDC.
On the outlook for the Nifty 50 index, Vaishali Parekh said, "Nifty has once again regained strength after a short halt and has scaled a new high of 24,300 zone creating history with strong uptrend maintained as of now with upside potential visible in the coming days having targets of 24,500 and 24,900 visible. The 24,000 zones shall be maintained as the near-term support while the 23,700 level would be the major support below which the trend would turn a little bit weak."
"The Bank Nifty index has once again indicated a higher low formation pattern, taking support near the 52000 zone on the daily chart to improve the bias and anticipate further rises for targets of 53500 and 55100 levels. The overall trend is maintained strong till the 51000 zone is sustained, expecting further gains," said Parekh.
Parekh went on to add that the Nifty today has immediate support at 24,150 while resistance is seen at 24,400. The Bank Nifty would have a daily range of 52,600 to 53,700.
1] SAIL: Buy at ₹151.60, target ₹158, stop loss ₹148;
2] Paras Defence: Buy at ₹1500, target ₹1570, stop loss ₹1470; and
3] NMDC: Buy at ₹251.20, target ₹264, stop loss ₹245.
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.
