Buy or sell stocks for today: Despite weak global market sentiments on disappointing forecasts from Facebook and Instagram parent Meta, the Indian stock market ended higher for the fifth straight session on Thursday. The Nifty 50 index gained 167 points and closed at a 22,570 level, the BSE Sensex surged 486 points and ended at the 74,399 mark while the Bank Nifty index finished 305 points higher at the 48,494 level. Cash market volumes on the NSE were higher on the monthly F&O expiry day at Rs. 1.39 lakh crore, although lower than the February expiry day volumes of Rs. 1.45 lakh crore. The Small-cap index outperformed the Nifty 50 index, even as the advance-decline ratio stayed firm at 1.19:1.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Indian stock market sentiments are positive as the Nifty 50 index has formed a “Bullish Engulfing” candle on the chart. The Prabhudas Lilladher expert went on to add that the Nifty 50 index is expected to retest the previous peak zone of 22,775 levels with major support maintained near 22,150 levels. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three buy or sell stock ideas for today — JSW Steel, NMDC, and HUDCO.
Stock market today
On the outlook for Nifty today, Vaishali Parekh said, “The Nifty 50 index after opening on a weak note surged significantly to close on a strong note above the 22550-zone forming a “Bullish Engulfing” candle formation to signify strength and anticipate further rise in the coming days. With the bias maintained strong, the index is expected to retest the previous peak zone of 22,775 levels with major support maintained near 22,150 levels of the important 50EMA zone.”
“The Bank Nifty index indicated a big bullish candle on the daily chart breaching above the hurdle of 48,300 zones improving the bias and anticipating for further upward move till targets of 49,000 and 49,400 levels in the coming days,” said Parekh.
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Parekh went on to add that the immediate support for Nifty today is placed at 22,400 levels while the resistance is seen at 22,700 levels. The Bank Nifty index would have a daily range of 48000-49000 levels.
Vaishali Parekh’s stock recommendations
1] JSW Steel: Buy at ₹905.80, target ₹942, stop loss ₹885;
2] NMDC: Buy at ₹252.25, target ₹265, stop loss ₹247; and
3] HUDCO: Buy at ₹203, target ₹212, stop loss ₹198.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 26 Apr 2024, 06:35 AM IST