Buy or sell stocks today: The Indian stock market's benchmark index, Nifty 50, hit fresh record highs on Monday, 2 September, marking the13th consecutive day of closing with gains. The index closed 0.17% higher at 25,278.70 points, up from 25,235.90 points in the previous session.
The BSE Sensex closed 0.24% higher at 82,559.84 points, compared to 82,365.77 points at previous market close. Index heavyweights such as ITC, Bajaj Finance, Infosys, Reliance, and HCL Tech led gains through most of the session on Monday.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, says the Nifty witnessed a gradual rise and continued to hit new highs with a strong bias and sentiment. The index is expected to rise to the initial target of 25,600 in the coming days. Parekh estimates the Nifty 50 Spot index to get support at 25,150 points and face resistance at 25,400 points. The Bank Nifty index would move in the range of 51,000 to 52,000 today.
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: Apollo Tyres, Bank of Baroda, and Cummins India.
For the outlook on Nifty 50 and Bank Nifty index, Vaishali Parekh said, “Nifty has witnessed a gradual rise and continue to make new highs with bias and sentiment maintained strong anticipating for further rise for initial target of 25,600 levels in the coming days.”
“The index would the near-term important support of 25,000 zone which needs to be sustained to carry on with the positive move further ahead,” said the stock market expert.
“Bank Nifty with the steady gradual rise would need a decisive breach above 51,800 zone to establish conviction and thereafter, anticipate picking momentum for fresh upside targets of 53,500 and 55,100 levels in the coming days with 50,800 level of the important 50EMA zone to be maintained as the crucial support,” said Parekh.
Parekh said that the Nifty 50 for today has support at 25,150, while the resistance lies at 25,400. The Bank Nifty index would have a daily range of 51,000 to 52,000.
1. Apollo Tyres Ltd. (APOLLOTYRE): Buy at ₹500; Target at ₹520; Stop Loss at ₹490.
2. Bank of Baroda (BANKBARODA): Buy at ₹254; Target at ₹265; Stop Loss at ₹248.
3. Cummins India Ltd. (CUMMINSIND): Buy at ₹3,807; Target at ₹3,900; Stop Loss at ₹3,750.
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.
