Buy or sell stocks: The Indian stock market indices struggled to maintain the rally momentum experienced during the previous two market sessions. Both the indices closed flat, in the red, on Tuesday as trade tensions resurfaced over President-elect Donald Trump’s tariff announcements on imports from China, Mexico, and Canada. The Nifty 50 Index closed 0.11 per cent lower at 24,194.50 points, compared to 24,221.90 points at the previous market close.
The BSE Sensex closed 0.13 per cent lower at 80,004.06 points on Tuesday, compared to 80,109.85 points at the previous market close.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said the Nifty is hovering near the 24,200 zone for the last two trading sessions, with 24,350 acting as the resistance barrier. The index would need a decisive breach to confirm a positive trend in the upcoming days. Parekh estimates the Nifty 50 Spot index to find support at 24,000 points and face resistance at 24,400 points. The Bank Nifty index will likely move in the 51,500 to 52,800 range.
Parekh recommended three buy-or-sell stocks for Wenesday: PCBL Ltd, Vedanta Ltd, and SBI Life Insurance Co. Ltd.
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty has been hovering near the 24,200 zone since the last 2 sessions with 24,350 zone acting as the resistance barrier and would need a decisive breach to confirm a positive trend in the coming days.”
“As of now, the bias is maintained overall with a cautiously positive approach, and the 50EMA zone of 24,000 level is the crucial near-term support zone that needs to be sustained,” said the stock market expert.
“Bank Nifty has once again shown resistance near the tough barrier of 52,550 levels and as mentioned earlier, would need a decisive breach above the zone for confirmation for further positive upward move. The 50EMA zone of 51,500 levels would be the near-term support for the index, below which the bias would turn negative with the 200-period MA of 49,900 acting as the crucial and major support zone,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 24,000 points, while the resistance lies at 24,400 points. The Bank Nifty index would have a daily range of 51,500 to 52,800.
1. PCBL Ltd. (PCBL): Buy at ₹406; Target at ₹425; Stop Loss at ₹397.
2. Vedanta Ltd. (VEDL): Buy at ₹447; Target at ₹470; Stop Loss at ₹435.
3. SBI Life Insurance Co. Ltd. (SBILIFE): Buy at ₹1,506; Target at ₹1,540; Stop Loss at ₹1,485.
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.
