Buy or sell stocks: The benchmark indices of the Indian stock market, Sensex and Nifty 50, witnessed their largest single-day gain in over six weeks after Donald Trump declared victory in the US presidential election 2024. Analysts view this as a short-term boost for the domestic stocks. Nifty 50 index closed 1.12 per cent higher at 24,484.05 points after Wednesday's trading session.
The BSE Sensex closed 1.13 per cent higher at 80,378.13 points, compared to 79,476.63 points at the previous market close.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said that the Nifty has shown a strong pullback in the last two sessions, gaining nearly 3 per cent, with the bias and sentiment turning out to be positive. Parekh estimates the Nifty 50 Spot index to find support at 24,300 points and face resistance at 24,700 points. The Bank Nifty index will likely move in a range of 51,800 to 52,800 today.
For today, Parekh recommended three buy-or-sell stocks: IFCI Ltd, Lloyds Engineering Works Ltd, and Castrol India Ltd.
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty has indicated a strong pullback in the last two sessions gaining almost 3% with bias and sentiment turning out to be in a much better situation and once a decisive move past the 24,500 zone is confirmed, one can anticipate for next target of 25,200 levels with near-term support maintained near 24,200 levels.”
“Bank Nifty has been moving within a range for quite some time and would need a decisive breach above the resistance zone of 52,500 levels to trigger for fresh upward move for the next target of 54,400 levels, provided the important support zone of 50,600 level is sustained as of now,” said the stock market expert.
Parekh said that the Nifty 50 Spot for today has support at 24,300 points, while the resistance lies at 24,700 points. The Bank Nifty index would have a daily range of 51,800 to 52,800.
1. IFCI Ltd. (IFCI): Buy at ₹59; Target at ₹63; Stop Loss at ₹57.
2. Lloyds Engineering Works Ltd. (LLOYDSENGG): Buy at ₹75.7; Target at ₹82; Stop Loss at ₹73.
3. Castrol India Ltd. (CASTROLIND): Buy at ₹218; Target at ₹230; Stop Loss at ₹213.
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.
