Buy or sell stocks: The Indian stock market, after breaking its seven-day losing streak, resumed its downward trend amid weak global cues, closing in the red on Thursday, November 21. The Nifty 50 index closed 0.72 per cent lower at 23,349.90 points, compared to 23,518.50 points at the previous market close.
The BSE Sensex index closed 0.54 per cent lower at 77,155.79 points after Thursday's market session, compared to 77,578.38 points at the previous market close.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said the Nifty is resisting near the 200 DMA zone, which is working like a barrier. The index needs a decisive breach above this zone to trigger a fresh upward move in the upcoming days. Parekh estimates the Nifty 50 Spot index to find support at 23,200 points and face resistance at 23,550 points. The Bank Nifty index will likely move in the 49,800 to 51,000 range today.
For today, Parekh recommended three buy-or-sell stocks: Federal Bank Ltd, Angel One Ltd, and Arvind Ltd.
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty has been resisting near the 200 DMA zone, which is acting as a barrier, and the index needs a decisive breach above this zone to trigger a fresh upward move in the coming days.”
“The index has the 23,000–23,200 zone as the crucial and important support as of now, which needs to be sustained to maintain the overall trend intact,” said the stock market expert.
“Bank Nifty is better placed as compared to the Nifty index and has maintained above the important 200 DMA level of the 49,800 as of now. A decisive breach above 51,000 levels is necessary to improve the bias, while 49,800 levels would be a crucial and important support zone for the index,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 23,200 points, while the resistance lies at 23,550 points. The Bank Nifty index would have a daily range of 49,800 to 51,000.
1. Federal Bank Ltd. (FEDERALBNK): Buy at ₹211; Target at ₹220; Stop Loss at ₹205.
2. Angel One Ltd. (ANGELONE): Buy at ₹2,720; Target at ₹2,800; Stop Loss at ₹2,680.
3. Arvind Ltd. (ARVIND): Buy at ₹355; Target at ₹370; Stop Loss at ₹348.
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.
