To buy or sell stocks: Indian stock market indices continued to rise for the second day in a row, driven by the IT and automobile sectors. The Nifty 50 index closed 1.88% higher at 24,188.65 points as compared to the previous market close of 23,742.90 points.
The BSE Sensex closed 1.83 per cent higher at 79,943.71 points on Thursday as compared to the previous market close of 78,507.41 points.
Vaishali Parekh Stocks to Buy Today
After a long wait, Nifty broke above the 200-period moving average and overcame strong resistance in the 23,900 zone, said Vaishali Parekh, Vice President, Technical Research at Prabhudas Lilladher. Nifty is expected to rise further in the coming days as top-line stocks gain momentum. Parekh expects the Nifty 50 spot index to find support at 24,000 points and face resistance at 24,400 points. The Bank Nifty index is likely to fluctuate between 51,200 and 52,200 points.
Parekh recommended three stocks to buy or sell on Friday: Tata Consumer Products Ltd., Samvardhana Motherson International Ltd. and Chennai Petroleum Corporation Ltd.
Today’s stock market
On the outlook for the Nifty 50 and Bank Nifty index, Parekh said, “After a long wait, the Nifty index has crossed above the important 200-period moving average area of 23,900, which is a strong resistance. It has closed above 24,000 points, Significantly improved bias and sentiment.
“With momentum building in most front-line stocks, we expect further gains in the coming days, with the next target for the index being 24,800, with the important 50EMA level located in the 24,220 area. A decisive default event is expected,” this A stock market expert said.
“Bank Nifty is gaining momentum with an aggressive bullish candle pattern to break decisively above the 51,500 zone and move further forward, a close above the important 50EMA zone at 51,900 levels will trigger a breakout, establishing confidence for further upside. With the overall sentiment improving significantly, , we expect the index to achieve its targets at the 52,500 and 53,800 levels in the coming days. The 200-period moving average at the 50,600 level will remain an important and key support area for the index so far.
Parekh said the support level for Nifty 50 spot today is 24,000 points and the resistance level is 24,400 points. The Bank Nifty index’s daily fluctuation range is 51,200 points to 52,200 points.
Vaishali Parekh Buy or Sell Stocks
1. Tata Consumer Products Limited (TATACONSUM): Purchased from $927; Target at $960; stop loss at $900.
2. Samvardhana Motherson International Co., Ltd. (MOTHERSON): Purchased from $158; Target at $165; stop loss at $153.
3.Chennai Petroleum Limited (CHENNPETRO): Purchased from $632; Target at $680; stop loss at $600.
Disclaimer: The opinions and suggestions given in this article represent only the personal opinions and suggestions of the analysts. These do not represent the views of Mint. Investors are advised to consult a certified expert before making any investment decisions.