Buy or sell stocks today: The Indian stock market's benchmark index, Nifty 50, hit new record highs on Friday, 30 August, marking its 12th consecutive day of closing in the green. The index closed 0.33% higher at 25,235.90 points, up from 25,151.95 points in the previous session.
The BSE Sensex closed 0.28% higher at 82,365.77 points, compared to 82,134.61 points in the previous market close.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, says the Nifty index witnessed consecutive gains, breaching its peak zone of 25,078 level to reach an all-time high. The index is expected to rise further with strong bias and sentiment. Parekh estimates the Nifty 50 Spot index to get support at 25,100 points and have a resistance at 25,400 points. The Bank Nifty index would have a daily range of 51,000 to 51,800 today.
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: Gas Authority of India Ltd. (GAIL), HFCL Limited, and NHPC Limited.
For the outlook on the Nifty 50 and the Bank Nifty index, Vaishali Parekh said, “The week witnessed a strong gain for Nifty index with consecutive gains for 12th straight session, breaching above the previous peak zone of 25,078 level to scale the all-time high level creating history and is anticipated for further rise with bias and sentiment maintained strong.”
“The index has projected initial target of 25,600 level in the coming days with 24,900 level maintained as the important support with the broader markets also actively supporting the benchmark index,” said the stock market expert.
“Bank Nifty has been sluggish overall, as compared to Nifty index, with the 50EMA zone at 50,800 levels maintained as an important support and upside would need a decisive breach above 51,800 zone to establish strength. The index has further targets of 53,500 and 55,000 levels once the 50,800 zone is decisively sustained,” said Parekh.
Parekh said that the Nifty 50 for today has support at 25,100, while the resistance lies at 25,400. The Bank Nifty index would have a daily range of 51,000 to 51,800.
1. Gas Authority of India Ltd. (GAIL): Buy at ₹236; Target at ₹245; Stop Loss at ₹230.
2. HFCL Ltd. (HFCL): Buy at ₹148; Target at ₹158; Stop Loss at ₹144.
3. NHPC Ltd. (NHPC): Buy at ₹97; Target at ₹105; Stop Loss at ₹93.
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.
