Buy or sell stocks: India's benchmark stock market indices, Sensex and Nifty 50, ended lower after Friday's trading session, weighed down by the auto and banking sectors. Pharma and metal stocks provided some support but were not able to lift the indices higher. The Nifty 50 index closed 0.14 per cent lower at 24,964.25 points after Friday's trading session, compared to 24,998.45 points at the previous market close.
The BSE Sensex index closed 0.28 per cent higher at 81,381.36 points today, compared to 81,611.41 points at the previous market close.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said that the Nifty witnessed a consolidated phase during the week, hovering near the 25,000 level. The bias is maintained with a cautious approach. Parekh estimates the Nifty 50 Spot index to find support at 24,800 points and face resistance at 25,150 points. The Bank Nifty index will likely move in a range of 50,700 to 51,600 today.
For today, Parekh recommended three buy-or-sell stocks: GAIL India Ltd, Clean Science and Technology Ltd, and Intellect Design Arena Ltd.
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty witnessed a consolidation phase during the week hovering near the important 50EMA near the 25,000 levels and is precariously placed with bias maintained with a cautious approach.”
“The index would have the near-term support at around 24,700 level while the upside, it would need a decisive breach above 25,400 zone to improve the bias overall,” said the stock market expert.
“Bank Nifty after witnessing the steep slide, it has taken support near 50,200 zone as of now and consolidating within a narrow band of 51,000 and 51,600 levels, it has sustained near the important 100 period MA at 51,250 zone. The index would have the important near-term support at around 50,000 levels while on the upside, it needs to breach above the 51,800 level decisively to establish some conviction,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 24,800 points, while the resistance lies at 25,150 points. The Bank Nifty index would have a daily range of 50,700 to 51,600.
1. GAIL India Ltd. (GAIL): Buy at ₹229.40; Target at ₹240; Stop Loss at ₹224.
2. Clean Science and Technology Ltd. (CLEAN): Buy at ₹1,568.55; Target at ₹1,630; Stop Loss at ₹1,535.
3. Intellect Design Arena Ltd. (INTELLECT): Buy at ₹899.90; Target at ₹935; Stop Loss at ₹882.
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.
