By Soumya Ranjan Purchase or sell: Jamna Auto, HUDCO, and IFCI are the three stocks that Vaishali Parekh suggests purchasing today.
Buy or sell stocks: The Indian stock market did not build on its initial momentum after a strong start, and it spent the entire Monday session trading in a narrow range. The psychological 25,000 mark was reclaimed by the Nifty 50 index, which gained 148 points. While the Bank Nifty index scaled 173 points and ended at 55,572, the BSE Sensex increased 455 points and closed at 82,176. Auto and IT led the gains as all sectors closed in the green. A mixed pattern was seen in the larger markets, with the Small-cap Index trailing while the Mid-cap Index mostly followed the major benchmark indices.
Today’s stock market
The Nifty 50 index has tested 25,000 following a robust recovery from 24,460 levels, according to Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, who believes the Indian stock market has strengthened. According to Prabhudas Lilladher, the benchmark index will soon reach 25,400.
“The Nifty 50 index has recovered after two sessions of winning streak from the low made near 24,460 zones and has retested the 25,000 level again expecting for a further rise in the coming sessions,” Vaishali Parekh said when discussing the outlook for the Nifty 50 today. The index remains positive and can expect higher targets of 25,400 and 25,600 levels in the upcoming days due to the undertone remaining positive and the active participation shown by the broader markets. The critical support zone would be located close to the 24,500 level, which must be maintained, as was previously stated.
“The Bank Nifty index touched the 55800 zone once more, but it encountered resistance and fell after profit booking was observed. Overall, there was consolidation, and the bias remained cautiously positive in anticipation of future gains. As previously stated, the index must decisively break above the 55,800 zones in order to initiate a new upward trend, with potential targets of 57,200 and 58,500 levels in the days ahead,” Parekh stated.
According to Parekh, the Nifty has resistance at 25,200 and support at 24,850 today. The daily range of the Bank Nifty would be between 55,200 and 56,000.
Today’s stock recommendations from Vaishali Parekh
Vaishali Parekh gave the following three buy-or-sell stock recommendations for today: IFCI, HUDCO, and Jamna Auto.
1] Jamna Auto: Buy at ₹92, Target ₹96, Stop Loss ₹90;
2[ HUDCO: Buy at ₹238, Target ₹250, Stop Loss ₹232; and
3] IFCI: Buy at ₹57, Target ₹65, Stop Loss ₹54.
Disclaimer: Times of Dalal Street does not endorse the opinions or suggestions expressed above; rather, they are the opinions of individual analysts or broking firms. Before making any investment decisions, we encourage investors to consult with qualified professionals.