Buy or sell stocks: The Indian stock markets lost over 800 points on Monday, February 24, amid weak global cues and rising concerns of a potential tariff war between the United States and other major nations. The Nifty 50 index closed 1.06 per cent lower at 22,553.35 points, compared to 22,795.90 points at the previous market close.
The BSE Sensex index closed 1.14 per cent lower at 74,454.41 points after Monday’s stock market session, compared to 75,311.06 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 dropped below the crucial support zone of 22,800 points, weakening its overall bias. Parekh estimates the Nifty 50 Spot index to find support at 22,400 points and face resistance at 22,800 points. The Bank Nifty index will likely move in the 48,200 to 49,000 range.
Vaishali Parekh recommended three buy-or-sell stocks for Tuesday: CESC Ltd, Hero MotoCorp Ltd, and Can Fin Homes Ltd.
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty has finally breached below the important and crucial support zone of 22,800 level decisively weakening the bias and further ahead with a close below the 22,400 zone shall further weaken the overall trend with next downside target of 21,600 and 21,400 levels open.”
“The index would need to move past the near-term hurdle of 22,800 level to regain some strength and only a close above 23,000 zone shall bring conviction for further upward move,” said the stock market expert.
“Bank Nifty, is now precariously placed with a close below the 48,700 zone with bias once again turning weak and further ahead, a decisive move below the important and crucial support of 47,900 zone shall trigger for panic selling pressure. As mentioned earlier, for the bias to improve, the index needs to move past the resistance hurdle of 49,700 zone to anticipate for further rise in the coming days,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 22,400 points and resistance at 22,800 points. The Bank Nifty index would have a daily range of 48,200 to 49,000.
Buy or sell stocks by Vaishali Parekh
1. CESC Ltd. (CESC): Buy at ₹137; Target at ₹143; Stop Loss at ₹133.
2. Hero MotoCorp Ltd. (HEROMOTOCO): Buy at ₹3,890; Target at ₹4,050; Stop Loss at ₹3,800.
3. Can Fin Homes Ltd. (CANFINHOME): Buy at ₹605; Target at ₹630; Stop Loss at ₹590.
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.
