Buy or sell stocks: The Indian stock markets ended on a positive note after the strong contribution from the pharma sector stocks, pushing the index into the green on Monday. The Nifty 50 index closed 0.13 per cent higher at 22,959.50 points, compared to 22,929.25 points at the previous stock market close.
The BSE Sensex closed 0.08 per cent higher at 75,996.86 points, compared to 75,939.21 points at the previous market close.
Vaishali Parekh’s stock recommendations today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said the Nifty 50 index recovered closing higher with the bias improving to an extent with participation picking up from the broader markets. Parekh estimates the Nifty 50 Spot index to find support at 22,800 points and face resistance at 23,200 points. The Bank Nifty index will likely move in the 48,800 to 49,800 range.
Vaishali Parekh recommended three buy-or-sell stocks for Tuesday: Power Grid Corporation of India Ltd, Waaree Energies Ltd, and Greaves Cotton Ltd.
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty in the morning session breached below the important 22,800 zone but recovered significantly to move past the 22,900 level with bias improving to some extent with participation picking up from the broader markets as well.”
“Attempts has been made to breach below the 22,800 zone but has managed to sustain as of now to keep hope alive and anticipate for further upward move and with a decisive close above 23,500 zone shall improve the bias and sentiment to some extent,” said the stock market expert.
“Bank Nifty, amid the volatile session hit the low near 48,525 level, but witnessed a positive pullback to end near 49,250 zone with HDFC Bank and SBI picking up to lead the index and further a move past the near-term resistance barrier of 49,800 shall improve the bias to some extent. The index needs to sustain the near-term support zone of 48,500 level and on the upside once a decisive close above the 50EMA level of 50,000 is confirmed, there can be some conviction for further rise in the coming days,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 22,800 points and resistance at 23,200 points. The Bank Nifty index would have a daily range of 48,800 to 49,800.
Buy or sell stocks by Vaishali Parekh
1. Power Grid Corporation of India Ltd. (POWERGRID): Buy at ₹263.20; Target at ₹275; Stop Loss at ₹258.
2. Waaree Energies Ltd. (WAAREEENER): Buy at ₹2,173; Target at ₹2,280; Stop Loss at ₹2,130.
3. Greaves Cotton Ltd. (GREAVESCOT): Buy at ₹268.25; Target at ₹280; Stop Loss at ₹263.
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 making any investment decisions.
