Buy or sell stocks: India's benchmark stock market indices, Sensex and Nifty 50, closed flat on Tuesday amid mixed global cues and certain economic indicators. While some stocks witnessed slight gains, overall sentiment remained cautious. The Nifty 50 index closed 0.05 per cent lower at 25,796.90 points on Tuesday, compared to 25,810.85 points at the previous market close.
The BSE Sensex closed 0.04 per cent at 84,266.29 points after Tuesday's trading session, compared to 84,299.78 points at the previous market close. The stock markets remained closed on Wednesday, October 2, due to a market holiday for Gandhi Jayanti.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said that the Nifty 50 witnessed consolidation near the 25,800 zone after two trading sessions of a losing streak the market can expect a pullback in coming sessions. Parekh estimates the Nifty 50 Spot index to find support at 25,650 points and face resistance at 26,000 points. The Bank Nifty index will likely move in a range of 52,600 to 53,400 today.
For today, Parekh recommended three buy-or-sell stocks: Meghmani Organics Ltd, HCL Technologies Ltd, and DLF Ltd.
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty witnessed consolidation near the 25,800 zone after the 2 sessions of losing streak with a Doji candle formation on the daily chart and can expect for a pullback in the coming sessions.”
“As mentioned earlier, the 25,650 zone would be the crucial support while a decisive breach above 26,000 level shall once again bring conviction for further upward movement in the coming days,” said the stock market expert.
“Bank Nifty has slipped from the peak zone of 54,467 levels and has the crucial base near the 50EMA level of 52,000 with near-term support positioned at 52,600 levels, which if sustained, can continue with the uptrend after a positive trend reversal. A decisive breach above 53,400 zone shall improve the bias once again anticipating for further rise in the coming sessions,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 25,650 points, while the resistance lies at 26,000 points. The Bank Nifty index would have a daily range of 52,600 to 53,400.
1. Meghmani Organics Ltd. (MOL): Buy at ₹104; Target at ₹110; Stop Loss at ₹100.
2. HCL Technologies Ltd. (HCLTECH): Buy at ₹1,812; Target at ₹1,880; Stop Loss at ₹1,780.
3. DLF Ltd. (DLF): Buy at ₹914; Target at ₹950; Stop Loss at ₹890.
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.
