Buy or sell stocks today: Indian stock market indices Sensex and Nifty 50 hit all-time highs as the equity markets gained momentum in the final hour of Thursday's market session. The market rally was fueled by the Banking and IT sectors, with additional support from the auto-pack. The Nifty 50 index closed 1.89 per cent higher at 25,388.90 points, compared to 24,918.45 points in the previous market close.
The BSE Sensex closed 1.77 per cent higher at 82,962.71 points after Thursday's trading session, compared to 81,523.16 points in the previous market close.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said that the Nifty has ultimately indicated a strong candle formation confirming a higher low pattern on the daily chart to close at an all-time high level, remarkably improving the bias and sentiment. Parekh estimates the Nifty 50 Spot index to get support at 25,250 points and face resistance at 25,600 points. The Bank Nifty index will likely move in a range of 51,300 to 52,400 today.
For today, Parekh recommended three buy-or-sell stocks: Steel Authority of India Ltd, Indian Oil Corporation Ltd, and Container Corporation of India Ltd.
For the outlook on the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty has finally indicated a strong candle formation confirming a higher low pattern on the daily chart to close at an All-Time High level improving the bias and sentiment remarkably.”
“Technically, the index is well set to move further for our next target of 25,800 levels with most of the frontline stocks along with the broader markets witnessing active participation to maintain the robust move,” said the stock market expert.
“Bank Nifty maintaining the support near the significant 50EMA zone of 50900 levels has indicated a big bullish candle breaching above the resistance barrier of 51750 levels and can anticipate for further rise with next targets of 53500 and 55100 levels visible in the coming days,” said Parekh.
Parekh said that the Nifty 50 for today has support at 25,250, while the resistance lies at 25,600. The Bank Nifty index would have a daily range of 51,300 to 52,400.
1. Steel Authority of India Ltd. (SAIL): Buy at ₹130; Target at ₹138; Stop Loss at ₹127.
2. Indian Oil Corporation Ltd. (IOC): Buy at ₹173; Target at ₹180; Stop Loss at ₹169.
3. Container Corporation of India Ltd. (CONCOR): Buy at ₹948; Target at ₹1,000; Stop Loss at ₹933.
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.
