Buy or sell stocks for today: Following strong global cues, the Indian stock market ended higher for the fourth straight session on Tuesday. The Nifty 50 index went up 92 points and closed at 23,557, while the BSE Sensex shot up 308 points and finished at 77,301. The Bank Nifty index surged 438 points and ended at 50,440. Cash market volumes rose another 6 percent to ₹1.43 lakh crore. The small-cap index outshined the frontline indices even as the advance-decline ratio fell to 1.22:1, remaining above 1:1.
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes that the Nifty 50 index has picked up momentum in the last 4-5 sessions. The Prabhudas Lilladher expert said that the Indian stock market bias is positive, and the Nifty is heading for its near-term target of 23,800. She said that if it breaches above 23,800, the 50-stock index may touch 24,500 in the short term.
Regarding stocks to buy today, Vaishali Parekh recommended buying these three buy-or-sell stocks: GNFC, IndusInd Bank, and Manappuram Finance.
On the outlook for Nifty today, Vaishali Parekh said, "Nifty sustaining above the 23,200 zone, has gradually picked up in the last 4-5 sessions to make new highs and is aiming for the next near-term target of 23,800 levels with bias maintained strong. With the sentiment improving, the index is slowly marching ahead with crucial support maintained near the 23,200 zones while a decisive breach above the 23,800 zones shall trigger for next target of 24,500 levels in the coming days."
"The Bank Nifty index has also gradually picked up strength, and once a decisive breach above 51,000 is confirmed, then shall further strengthen the bias for next targets of 52,400 and 53,500 levels in the coming days with support maintained near the 49,600 zone," said Parekh.
Parekh went on to add that the Nifty today has immediate support at 23,400, while the resistance is at 23,700. The Bank Nifty will have a daily range of 50,000 to 51,000.
1] GNFC: Buy at ₹703.20, target ₹737, stop loss ₹688;
2] IndusInd Bank: Buy at ₹1508, target ₹1560, stop loss ₹1475; and
3] Manappuram Finance: Buy at ₹191.75, target ₹201, stop loss ₹187.
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.
