Buy or sell stocks today: Indian stock market indices Sensex and Nifty 50 closed with healthy gains fueled by Banking and FMCG heavyweights like ICICI Bank, ITC, HDFC Bank, and Hindustan Unilever (HUL). The Nifty 50 index closed 0.34 per cent higher at 24,936.40 points after Monday's session, compared to 24,852.15 points in the previous market close.
The BSE Sensex closed 0.46 per cent higher at 81,559.54 points after Monday's close, compared to 81,183.93 in the previous market close.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said that the Nifty, after a short correction witnessed from the 25,300 zone, has indicated a pullback from the low made near the 24,750 zone. Closing above the 24,900 level has slightly improved the sentiment and bias estimated for future rise. Parekh estimates the Nifty 50 Spot index to get support at 24,800 points and face resistance at 25,100 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: EPACK Durable Ltd, Mahindra and Mahindra Ltd, and Ambuja Cements Ltd.
For the outlook on the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty after the short correction witnessed from 25,300 zone, it has indicated a pullback from the low made near 24,750 zone and closing above the 24,900 levels has slightly improved the sentiment and bias to anticipate for further rise.”
“The zone near 24,800 levels shall be the important near-term support while upside need to cross above the 25,200 levels decisively to continue with the uptrend,” said the stock market expert.
“Bank Nifty recovered significantly from the 50,400 level to close above the important 50EMA zone of 50,950 levels improving the bias and sentiment, anticipating for further rise in the coming days. Further ahead, the index needs to move past the 51,800 zone decisively to strengthen the trend and thereafter, anticipate retesting the previous peak zone of 53,300 levels,” said Parekh.
Parekh said that the Nifty 50 for today has support at 24,800, while the resistance lies at 25,100. The Bank Nifty index would have a daily range of 50,800 to 51,700.
1. EPACK Durable Ltd. (EPACK): Buy at ₹281; Target at ₹300; Stop Loss at ₹270.
2. Mahindra and Mahindra Ltd. (M&M): Buy at ₹324; Target at ₹340; Stop Loss at ₹318.
3. Ambuja Cements Ltd. (AMBUJACEM): Buy at ₹630; Target at ₹660; Stop Loss at ₹615.
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.
