Buy or sell stocks: The Indian stock markets closed in the red on Tuesday, after a mild recovery the previous day. The markets recovered from the earlier losses as investors started adopting the buying-in-the-lows strategy. The Nifty 50 index closed 0.06 per cent lower at 22,945.30 points, compared to 22,959.50 points at the previous close.
The BSE Sensex index closed 0.04 per cent lower at 75,967.39 points, compared to 75,996.86 points at the previous stock market close.
Vaishali Parekh’s stock recommendations today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said the Nifty 50 index closed on a flat note as the overall bias was maintained. Investors are suggested to take a cautious approach. 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 48,600 to 49,600 range.
Vaishali Parekh recommended three buy-or-sell stocks for Wednesday: Berger Paints India Ltd, Gail India Ltd, and Tech Mahindra Ltd.
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty once again managed to recover from the 22,800 zone during the intraday session to close on a flat note, and has been moving sideways in the last 2 sessions between 22,800 and 23,000 zone. The overall bias has been maintained with a cautious approach.”
“There has been 3 to 4 failed attempts to breach the 22,800 zone on the downside, which has kept the hopes alive to anticipate a further rise in the coming days,” said the stock market expert.
“Bank Nifty was overall sluggish, hovering near the 49,000 zone. With no clear direction in the past 3-4 sessions, it is having a tough time to establish conviction and clarity. As mentioned earlier, the index needs to sustain the near-term support zone of the 48,500 level. On the upside, a decisive close above the 50EMA level of 50,000 is necessary to get some conviction for a 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 48,600 to 49,600.
Buy or sell stocks by Vaishali Parekh
1. Berger Paints India Ltd. (BERGEPAINT): Buy at ₹491.95; Target at ₹520; Stop Loss at ₹480.
2. Gail India Ltd. (GAIL): Buy at ₹164; Target at ₹171; Stop Loss at ₹161.
3. Tech Mahindra Ltd. (TECHM): Buy at ₹1,705; Target at ₹1,775; Stop Loss at ₹1,670.
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.
