Buy or sell stocks: The benchmark indices of the Indian stock market, Sensex and Nifty 50, witnessed a recovery ahead of the US presidential election results. Both domestic indices closed after Tuesday's session with positive gains. The Nifty 50 index closed 0.91 per cent higher at 24,213.30 points, compared to 23,995.35 points at the previous market close.
The BSE Sensex closed 0.88 per cent higher at 79,476.63 points, compared to 78,782.24 points at the previous market close.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said that the Nifty has been volatile for the last two sessions with huge swings. The near-term support at the 23,800 zone. 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 a range of 51,600 to 52,800 today.
For today, Parekh recommended three buy-or-sell stocks: Hindustan Aeronautics Ltd, Reliance Industries Ltd, and Vedanta Ltd.
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty has been volatile in the last two sessions with huge swings witnessed and currently we have the near-term support positioned near 23,800 zone with the major and crucial support lying near the 200 period MA at 23,400 level.”
“The index witnessing a pullback would need to breach above 24,500 zone decisively to establish conviction and thereafter, anticipate for fresh upward move in the coming days,” said the stock market expert.
“Bank Nifty overall has been maintaining the support near 51,000 zone whereas, at the same time has been finding tough resistance near the 52,500 levels which needs to be breached decisively to confirm a clear directional move in the coming days. The 50,400 levels would be the crucial near-term support zone which needs to be sustained to maintain the overall trend intact,” 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 51,600 to 52,800.
1. Hindustan Aeronautics Ltd. (HAL): Buy at ₹4,250; Target at ₹4,550; Stop Loss at ₹4,000.
2. Reliance Industries Ltd. (RELIANCE): Buy at ₹1,300; Target at ₹1,350; Stop Loss at ₹1,280.
3. Vedanta Ltd. (VEDL): Buy at ₹469; Target at ₹480; Stop Loss at ₹453.
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.
