Buy or sell stocks for today: After a weak opening, the Indian stock market remained volatile but ended marginally higher on Monday. The Nifty 50 index added 36 points and closed at 23,537, whereas the BSE Sensex finished 131 points higher at 77,341. The Bank Nifty index went up 42 points and ended at 51,703. Cash market volumes on the NSE fell sharply to ₹1.20 lakh crore. The broad market indices rose slightly more than the Nifty even as the advance-decline ratio fell to 0.99:1.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Nifty 50 index ending above 23,500 has improved the Indian stock market bias. However, the Prabhudas Lilladher expert maintained that the 50-stock index needs to breach above 23,650 decisively for a fresh rally on Dalal Street. On stocks to buy today, Vaishali Parekh recommended buying these three buy-or-sell stocks: Oberoi Realty, United Spirits, and FSL.
On the outlook for Nifty today, Vaishali Parekh said, "Nifty continues to hover near the 23,500 zones, with a significant pullback witnessed from the day's low made near 23,350 levels to close above the 23500 zone to maintain the bias and sentiment positive. As mentioned earlier, the index needs a decisive breach above 23,650 levels to trigger the fresh upward move, with the next target visible near the 23,800 zone. In contrast, the 23,200 level is maintained as the important support zone."
"The Bank Nifty also recovered strongly from the 51150 zone to close near the 51,700 levels and would need a decisive breach above the 52,000 zones to establish conviction and anticipate a further rise. The support would be near 50,700 levels of the trendline zone for the bias to be maintained positive," said Parekh.
Parekh went on to add that today, Nifty's immediate support is at 23,400 levels, while resistance is at 23,700 levels. The Bank Nifty will have a daily range of 51,300 to 52,100 levels.
1] Oberoi Realty: Buy at ₹1907, target ₹2000, stop loss ₹1865;
2] United Spirits: Buy at ₹1298.35, target ₹1355, stop loss ₹1275; and
3] FSL: Buy at ₹214, target ₹224, stop loss ₹209.
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.
