Buy or sell stocks for today: Despite weak global market sentiments, the Indian stock market ended higher for the third day in a row on Wednesday. The Nifty 50 index finished 121 points higher at 24,978. The BSE Sensex scaled 285 points north and closed at 81,741, whereas the Bank Nifty index was 121 points higher at 51,620. Cash market volumes on the NSE were down about 8% compared to the previous day. The broad market indices rose more than the Nifty even as the advance-decline ratio rose to 1.44:1.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes that the overall Indian stock market bias is positive as the Nifty 50 index is slowly and steadily inching towards the 25,000 mark. The Prabhudas Lilladher expert said that the 50-stock index has sustained above the 24,750 zone in the last two sessions, indicating strength, and will continue to move positive for the next initial target of 25,500.
Regarding stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three buy or sell stocks: Bombay Dyeing, Graphite India, and Tata Power.
Stock market today
On the outlook for Nifty today, Vaishali Parekh said, “The Nifty index, after the consolidation witnessed, has shown signs of improvement, inching towards the psychological level of the 25,000 zone with bias maintained strong. We can anticipate a further rise in the coming days. The index has sustained above the 24,750 zone in the last two sessions, indicating strength, and shall carry on with the positive move for the next initial target of the 25,500 level.”
“The Bank Nifty index has been sluggish for quite some time, and as mentioned earlier, a decisive breach above 52,800 would trigger a fresh upward move and scale targets of 53,500 and 55,100 in the coming days,” said Parekh.
Parekh added that Nifty’s immediate support today is at 24,800, while resistance is at 25,100. The Bank Nifty would have a daily range of 51,000 to 52,000.
Buy or sell stocks by Vaishali Parekh
1] Bombay Dyeing: Buy at ₹232.85, target ₹245, stop loss ₹227;
2] Graphite India: Buy at ₹532, target ₹565, stop loss ₹520; and
3] Tata Power: Buy at ₹453.60, target ₹477, stop loss ₹444.
