Buy or sell stocks today: Indian stock market indices Sensex and Nifty50 closed in red for a second straight day on Thursday, led by losses in index heavyweights Reliance Industries and Bharti Airtel. A lack of fresh catalysts and weak global cues kept Indian markets on pressure.
Nifty50 closed 0.21% lower at 25,145.10 points, compared to 25,198.70 points at previous market close. The BSE Sensex closed 0.18% lower at 82,201.16 points, compared to 82,352.64 points on the previous day.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said that the Nifty witnessed gains in the morning session and has overall consolidated near the 25,150 zone with bias still maintained cautiously positive as of now. Parekh estimates the Nifty50 Spot index to get support at 25,000 points and face resistance at 25,300 points. The Bank Nifty index will likely move in a range of 51,000 to 52,000 today.
For today, Parekh recommended three buy-or-sell stocks: Exide Industries Ltd., Indian Oil Corporation Ltd., and Kansai Nerolac Paints Ltd.
For the outlook on the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty eroded the gains witnessed in the morning session and has been overall consolidating near the 25,150 zone with bias still maintained cautiously positive as of now.”
“The index would have the crucial support of 25,000 level and on the upside would need a decisive breach above the 25,300 zone to establish conviction for further fresh upward journey,” said the stock market expert.
“Bank Nifty, as mentioned earlier, has been underperforming and would need a decisive breach above 51,800 zone to trigger for fresh upward move to retest the previous peak zone of 53,350 levels while on the downside, the zone near the 50EMA level of 50,900 would remain the important near-term support,” said Parekh.
Parekh said that the Nifty 50 for today has support at 25,000, while the resistance lies at 25,300. The Bank Nifty index would have a daily range of 51,000 to 52,000.
1. Exide Industries Ltd. (EXIDEIND): Buy at ₹495; Target at ₹520; Stop Loss at ₹485.
2. Indian Oil Corporation Ltd. (IOC): Buy at ₹181; Target at ₹186; Stop Loss at ₹177.
3. Kansai Nerolac Paints Ltd. (KANSAINER): Buy at ₹310; Target at ₹330; Stop Loss at ₹298.
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.
