Buy or sell stocks: India's benchmark stock market indices, Sensex and Nifty 50, made a strong comeback as financial and metal stocks rallied along with positive global cues fueling the market after a five-day slump. The Nifty 50 index closed 0.65 per cent higher at 24,339.15 points after Monday's trading session, compared to 24,180.80 points at the previous market close.
The BSE Sensex index closed 0.76 per cent higher at 80,005.04 points on Monday, October 28, compared to 79,402.29 points at the previous close.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said that the Nifty, after the severe profit booking witnessed last week, has taken a halt near the 24,075 zone and saw a pullback, which has eased the sentiment to some extent. Parekh estimates the Nifty 50 Spot index to find support at 24,200 points and face resistance at 24,500 points. The Bank Nifty index will likely move in a range of 50,800 to 51,700 today.
For today, Parekh recommended three buy-or-sell stocks: Castrol India Ltd, Central Depository Services (India) Ltd, and CSB Bank Ltd.
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty after the severe profit booking witnessed in the last one week, has taken a halt near the 24,075 zone and witnessing a pullback has eased out the sentiment to some extent.”
“The index needs to breach above the 24650 zone decisively to establish conviction and thereafter, can expect for further rise in the coming days,” said the stock market expert.
“Bank Nifty as of now has maintained the 51,000 level as an important and crucial zone, whereas, on the upside has been finding tough barrier near the 52,000-52,200 zone which needs to be breached decisively to confirm further upward movement of the index,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 24,200 points, while the resistance lies at 24,500 points. The Bank Nifty index would have a daily range of 50,800 to 51,700.
1. Castrol India Ltd. (CASTROLIND): Buy at ₹210; Target at ₹222; Stop Loss at ₹202.
2. Central Depository Services (India) Ltd. (CDSL): Buy at ₹1,486; Target at ₹1,580; Stop Loss at ₹1,420.
3. CSB Bank Ltd (CSBBANK): Buy at ₹312; Target at ₹330; Stop Loss at ₹300.
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.
