Buy or sell stocks for today: The domestic benchmark indices, Sensex and Nifty 50, fell for the second consecutive session on Wednesday amid weak global cues. Additionally, disappointing July-September quarterly results and concerns over inflation have affected investor sentiments.
The Sensex dropped by 319 points, or 0.39 per cent, to 81,501.36 points on Wednesday, whereas the Nifty 50 was at 24,971.30, down 86 points, or 0.34 per cent.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said that the Nifty has been consolidating for some time, facing resistance near the 25,200 zone. It currently has slipped below the important 25,000 level and the significant 50EMA zone of 25,050 level to weaken the bias.
Parekh believes the index has maintained a cautious approach, with the 24,700 level positioned as the crucial and important support zone, which must be sustained.
Parekh estimates that the Nifty 50 Spot index will find support at 25,000 points and face resistance at 25,500 points. The Bank Nifty Spot index is expected to move from 51,300 to 52,400 today.
Today, Parekh has recommended three buy-or-sell stocks: KPI Green Energy Ltd, Union Bank of India, and Dishman Carbogen Amcis Ltd.
On the outlook for the Nifty 50 and Bank Nifty Index, Parekh said, “The index is maintained with a cautious approach, with the 24,700 level positioned as the crucial and important support zone that needs to be sustained.”
“Bank Nifty, finding tough resistance near the 52,000 zone, managed to close just above the significant 50EMA zone of 51,750 levels with overall bias maintained with a cautious approach and would need to sustain above the 51,000 level to maintain the bias intact,” she added.
According to Parekh, the Nifty 50 Spot for today has support at 24,800 points, while the resistance is at 25,100 points. The Bank Nifty index would have a daily range of 51,400 to 52,200 points.
2. Union Bank of India: Buy at ₹112; Target at ₹120; Stop Loss at ₹108.
3. Dishman Carbogen Amcis Ltd: Buy at ₹188; Target at ₹200; Stop Loss at ₹182.
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 decision.
