Buy or sell stocks: Indian benchmarks - Sensex and Nifty - ended Tuesday's session in a negative territory. The Sensex dropped by 153 points, or 0.19%, to close at 81,820.12, while the Nifty 50 fell by 71 points, or 0.28%, ending at 25,057.35.
Shares of Reliance Industries were the biggest laggard on Nifty 50, closing down 2.06 per cent following a reported decline in net profit for Q2 FY25.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said that Nifty faced resistance around the 25,200 level once more. After a bit of profit booking, it settled near the significant 50 EMA level of 25,050, exhibiting consolidation over the past five sessions. Parekh estimates that the index must decisively break above the 25,300 level to build confidence and anticipate further gains. BankNifty would have a daily range of 51600-52400 levels.
For today, Parekh recommended three buy-or-sell stocks: Mazagon Dock Shipbuilders, Indian Hotels and Firstsource Solutions.
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty once again found resistance near the 25,200 zone and with slight profit booking hovered near the important 50EMA zone of 25,050 levels with consolidation witnessed since the last five sessions. As mentioned earlier, the index needs to breach above the 25300 zone decisively to establish conviction and expect for further rise.”
“BankNifty faced resistance near the 52,000 zone, and with some profit booking, hovered near the 51,900 levels. ICICI Bank looked promising with a positive trend reversal indication on the daily chart. The index sustaining above the important support of 51,000 levels would need to move past the 5,2500-52,600 band to establish conviction for further rise. The support for the day is seen at 24,900 levels, while the resistance would be seen at 25,200 levels. BankNifty would have a daily range of 51,600-52,400 levels,” she added.
1. Mazagon Dock Shipbuilders: Buy at ₹4,410; Target at ₹4,600; Stop Loss at ₹4,300.
2. Indian Hotels: Buy at ₹713; Target at ₹728; Stop Loss at ₹700.
3. Firstsource Solutions: Buy at ₹333; Target at ₹360; Stop Loss at ₹326.
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.
