Buy or sell stocks for today: Following weak global market cues, the Indian stock market ended lower on Friday last week. Among the frontline indices, the Nifty 50 index dropped 65 points and closed at 23,501, while the BSE Sensex lost 269 points and closed at 77,209. The Nifty Bank index finished 121 points lower at 51,661. Cash market volumes on the NSE rose to ₹1.87 lakh crore, aided by index rebalancing flows. The small-cap index ended marginally in the green even as the advance-decline ratio fell to 0.81:1.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the overall Indian stock market bias is positive despite the Nifty 50 index witnessing rangebound movement after consolidation in the 23,400 to 23,650 range. The Prabhudas Lilladher expert said that Dalal Street's mood would remain positive until the 50-stock index is above the 23,200 mark. On stocks to buy today, Vaishali Parekh recommended buying these three buy or sell stocks: Latent View, Jindal Steel, and JSW Infra.
On the outlook for Nifty today, Vaishali Parekh reiterated, "Nifty has witnessed a rangebound movement consolidating during the week hovering between 23,650 and 23,400 levels with bias remaining intact and maintaining above the long term trendline zone at 23,350 levels. As mentioned earlier, the index would have the crucial support zone near 23,200 levels, which needs to be sustained to maintain the positive bias overall."
"The Bank Nifty index witnessed a decent spurt during the week but found resistance near the 52,000 zone, which needs to be breached to establish conviction and anticipate a further rise in the coming days. As of now, the index has the 50,500 zone as the crucial support which needs to be sustained to maintain the positive bias and expect further rise," said Parekh.
Parekh provides further details on the Nifty and Bank Nifty's daily ranges, which is essential for traders to set realistic expectations and plan their trades effectively. She notes that the Nifty has immediate support at 23,400 levels, while resistance is seen at 23,650 levels. The Bank Nifty, on the other hand, is expected to have a daily range of 51,200 to 52,000 levels, providing traders with a clear range to work within.
1] Latent View: Buy at ₹517.60, target ₹542, stop loss ₹505;
2] Jindal Steel: Buy at ₹1077, target ₹1125, stop loss ₹1050; and
3] JSW Infra: Buy at ₹310, target ₹325, stop loss ₹303.
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.
