Buy or sell stocks: The benchmark indices of the Indian stock market, Sensex and Nifty 50, witnessed a significant rebound during the second half of the trading session on Tuesday, October 29. The indices recovered from an initial downturn, primarily fueled by strong performances from index heavyweights like Reliance Industries, HDFC Bank, ICICI Bank and State Bank of India. The Nifty 50 index closed 0.52 per cent higher at 24,466.85 points after Tuesday's trading session, compared to 24,339.15 points at the previous market close.
The BSE Sensex index closed 0.45 per cent higher at 80,369.03 points, compared to 80,005.04 points at its previous market close.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said that the Nifty had indicated consolidation while maintaining support near the 24,100 zones in the last 3 sessions and, at the moment, shows a bullish candle formation, improving the bias to some extent. The index is expected to see a further rise. Parekh estimates the Nifty 50 Spot index to find support at 24,350 points and face resistance at 24,650 points. The Bank Nifty index will likely move in a range of 51,800 to 53,000 today.
For today, Parekh recommended three buy-or-sell stocks: Indian Oil Corporation Ltd, Coal India Ltd, and GMR Airports Infrastructure Ltd.
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty has indicated consolidation maintaining the support near 24,100 zone since the last 3 sessions and currently with a positive bullish candle formation has improved the bias to some extent and further rise can be anticipated.”
“The index needs to breach above the 24,700 zone decisively to establish conviction and thereafter, expect for further rise for next target of 25,200 levels,” said the stock market expert.
“Bank Nifty has indicated a strong positive candle on the daily chart closing above the 52,000 zone and is expected to carry on with the positive move for next target of 53,500 level. The index has gained some strength moving past the signficant 50EMA zone of 51,700 levels to imporve the bias and sentiment,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 24,350 points, while the resistance lies at 24,650 points. The Bank Nifty index would have a daily range of 51,800 to 53,000.
1. Indian Oil Corporation Ltd. (IOC): Buy at ₹144; Target at ₹155; Stop Loss at ₹140.
2. Coal India Ltd. (COALINDIA): Buy at ₹445; Target at ₹480; Stop Loss at ₹435.
3. GMR Airports Infrastructure Ltd. (GMRINFRA): Buy at ₹79; Target at ₹85; Stop Loss at ₹76.
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.
