By Soumya Ranjan Purchase or sell: Vaishali Parekh suggests purchasing MMTC, Chambal Fertilizers and Chemicals, and Jindal SAW as three stocks today.
Buy or sell stocks: The major benchmark indices of the Indian stock market saw strong gains on Friday of last week amid widespread buying. At 24,853, the Nifty 50 index ended the day 243 points higher. The BSE Sensex closed at 81,721, up 769 points. At 55,398 at the end, the Bank Nifty index had increased 456 points. The BSE Mid-cap and Small-cap indices rose 0.5% and 0.45%, respectively, reflecting the benchmark’s performance in the wider market and indicating a healthy risk appetite among investors.
Stock market today
PrabhudasLilladher’sVicePresident—TechnicalResearch,VaishaliParekh,thinksthebiasintheIndianstockmarkethaschangedforthebetter. ThePrabhudasLilladherexpertpredictedthattheNifty50indexwouldsoonreach25,400afterseeingarobustrecoveryfrom24,500levels.
“The Nifty 50 index has indicated a strong pullback from near the 24,500 zone with a bullish candle formation on the daily chart with overall bias maintained. We can expect further rise in the coming sessions with upside targets 25,400 and 25,600 levels expected,” Vaishali Parekh said when discussing the index’s outlook. The index would have a critical support zone close to the 24,500 level, as was previously mentioned. Fresh upward movement will be triggered by a clear breach above the 25,000 zone, and the benchmark index will be actively supported by the broader markets as well.
“A robust bullish candle formation with improving bias has been shown by the Bank Nifty index. The majority of PSU banks appear to be doing well, and the majority of frontline banking stocks have indicated encouraging indications of an upward trend. As previously stated, in order to initiate a new upward trend, the index must decisively break above the 55,700 zones, with targets of 57,200 and 58,500 potentially within the next few days,” Parekh stated.
According to Parekh, the Nifty has resistance at 25,100 and support at 24,700 today. The daily range of the Bank Nifty will be between 55,000 and 56,000.
The stocks that Vaishali Parekh recommends
Vaishali Parekh suggested three stocks to buy or sell today: Jindal SAW, Chambal Fertilizers and Chemicals, and MMTC.
SAW.
1] MMTC: Buy at ₹64, Target ₹70, Stop Loss ₹60;
2] Chambal Fertilisers and Chemicals: Buy at ₹597, Target ₹630, Stop Loss ₹585; and
3] Jindal SAW: Buy at ₹216, Target ₹225, Stop Loss ₹210.
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The Indian stock market’s recent performance is indeed impressive, with significant gains across major indices. It’s encouraging to see such a strong recovery, especially in the Nifty 50 and Bank Nifty indices. Vaishali Parekh’s analysis provides a clear and optimistic outlook, particularly with the predicted targets for the Nifty 50 and Bank Nifty. The bullish candle formations and the support levels mentioned suggest a healthy momentum in the market. However, I wonder if this upward trend is sustainable in the long term, given the current economic conditions. What factors, in your opinion, are driving this positive sentiment, and do you think retail investors should be cautious at these levels? It would be interesting to hear your thoughts on how broader market trends might influence these indices moving forward.