By Soumya Ranjan Buy or sell: Allcargo Gati, CGCL, and Hindustan Copper are the three stocks that Vaishali Parekh suggests purchasing today.
Buy or sell stocks:
The major benchmark indices of the Indian stock market ended Wednesday’s trading session higher, driven by robust buying at lower levels. The BSE Sensex gained 63 points and closed at 82,634, the Bank Nifty index ended 162 points higher at 57,168, and the Nifty 50 index finished slightly higher at 25,212. Leading the upward charge with notable strength were M&M, Wipro, and Tech Mahindra. On the other hand, Sun Pharma, Eternal, and Shirram Finance ended the session as significant losers. The NSE cash market saw 2% fewer trades than it did yesterday.
The market as a whole experienced a period of consolidation following two days of notable gains. After digesting their recent gains, the Nifty Midcap and Smallcap 100 Indices ended the day flat. A healthy advance-decline ratio of 1.36 indicates that, despite this, market breadth remained firmly positive, with rising stocks outnumbering declining ones on the BSE. PSU Banks, Media, and IT were the sectoral indices that ended up with the biggest gains, while the Metal, Healthcare, and Pharma sectors ended up with the lowest returns.
Today’s stock market
Since the Nifty 50 index has held above the 50-DEMA support at 24,900, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, thinks the bias in the Indian stock market has improved. According to the Prabhudas Lilladher expert, the major benchmark index is anticipated to reach 25,500 and 25,700 in the near future.
Speaking about the Nifty 50’s outlook for today, Vaishali Parekh stated: “After a weak start to the session, the Nifty 50 index has improved the bias after taking support near the 25000 zone, indicating a higher bottom formation pattern on the daily chart to improve the bias. At this point, the index has sustained with a decent recovery to end on a marginal gain.” The index would have a short-term barrier at 25,250 levels, which, if overcome, would aim for the previously stated 25,500 and 25,700 levels. With volatility predicted to persist in the upcoming sessions, the critical support area that needs to be maintained right now is the significant 50-DEMA zone at the 24,900 level.
After maintaining the crucial short-term support at the 56,600 level, the Bank Nifty index has been steadily rising, and we anticipate more movement until the 57,000 zone. The crucial support for the index would remain close to the 56,000 mark. In order to set off additional higher targets of 58,500 and 60,000 levels in the upcoming days, Parekh stated that a clear break above the resistance zone of the 57,600 level is required.
According to Parekh, the Nifty’s resistance is at 25,400, while its immediate support is at 25,100 today. The daily range of the Bank Nifty will be between 56,700 and 57,700.
The stocks that Vaishali Parekh recommends today
Prabhudas Lilladher’s Vaishali Parekh suggested three buy-or-sell stocks for today: Hindustan Copper, CGCL, and Allcargo Gati.
1] Allcargo Gati: Buy at ₹72.40, Target ₹78, Stop Loss ₹70;
2] CGCL: Buy at ₹180, Target ₹190, Stop Loss ₹175; and
3] Hindustan Copper: Buy at ₹263, Target ₹280, Stop Loss ₹255.
Disclaimer: The opinions and suggestions expressed above are not those of Times of Dalal Street, but rather those of specific analysts or brokerage firms. Before making any investment decisions, we encourage investors to consult with qualified professionals.
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