Buy or sell stocks: The Indian stock market finished flat on Monday as the rise in IT and Banking stocks was pared by losses in index heavyweights. The Nifty 50 index closed 0.11 per cent lower at 24,122. The BSE Sensex closed 0.08 per cent higher at 79,496 whereas the Nifty Bank index ended 0.49 per cent higher at 51,812.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said the Nifty had seen a rangebound movement during the day, hovering between the 24,000 and 24,350 zones with the bias remaining intact. Parekh estimates the Nifty 50 Spot index to find support at 23,900 points and face resistance at 24,400 points. The Bank Nifty index will likely move in the 51,000 to 51,300 range today.
For today, Parekh recommended three buy-or-sell stocks: Zomato Ltd., Jindal Steel and Power Ltd., and Manappuram Finance Ltd.
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty has witnessed a rangebound movement during the day hovering between 24,000 and 24,350 levels with bias remaining intact.”
“The index, as mentioned earlier, would have the crucial support zone near 23,800–24,000 levels, which needs to be sustained to maintain the positive bias overall,” said the stock market expert.
“Bank Nifty witnessed a decent spurt during the day towards 52,000 but has found resistance near the 52,200 zone, which needs to be breached to establish conviction and anticipate further rise in the coming days. The index managed to close above the 100 DMA level of 51,750 as of now and has the 51,200 zone as the crucial support that needs to be sustained to maintain the positive bias and expect further rise,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 23,900 points, while the resistance lies at 24,400 points. The Bank Nifty index would have a daily range of 51,000 to 51,300.
1. Zomato Ltd. (ZOMATO): Buy at ₹257; Target at ₹270; Stop Loss at ₹248.
2. Jindal Steel and Power Ltd. (JINDALSTEL): Buy at ₹909; Target at ₹940; Stop Loss at ₹890.
3. Manappuram Finance Ltd. (MANAPPURAM): Buy at ₹154; Target at ₹160; Stop Loss at ₹149.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
