Buy or sell stocks: The Indian stock market indices witnessed a strong recovery on Friday amid rising geopolitical tensions. Heavyweights Bharti Airtel, Reliance Industries, and ICICI Bank supported the indices, fuelling the Nifty and Sensex to close in green. The Nifty 50 closed 0.91 per cent higher on Friday at 24,131.10 points, compared to 23,914.15 points at its previous market closing.
The BSE Sensex index also closed 0.96 per cent higher at 79,802.79 points, compared to its closing level of 79,043.74 points the previous day.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said the Nifty witnessed heavy erosion a day before the bulls regained some strength. A decisive breach above the significant 50EMA-level of the 24,368 zone shall further improve the bias and sentiment. Parekh estimates the Nifty 50 Spot index to find support at 23,700 points and face resistance at 24,700 points. The Bank Nifty index will likely move in the 51,000 to 53,000 range.
Parekh recommended three buy-or-sell stocks for Monday: Tata Motors Ltd, SEPC Ltd, and Indraprastha Gas Ltd.
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty, witnessed heavy erosion a day before, but bulls regained some lost strength to gain 217 points and end near the 24,150 zone.”
“The index would have the support zone near the low made near 23,800 levels, and on the upside, a decisive breach above the significant 50EMA level of the 24,368 zone shall further improve the bias and sentiment,” said the stock market expert.
“Bank Nifty would have the important support zone near the 50 EMA level at 51,500, while a clear breakout above the 52,550 zone would trigger a fresh upward move for the next higher targets of the 53,500 and 54,000 levels in the coming days,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 23,700 points, while the resistance lies at 24,700 points. The Bank Nifty index would have a daily range of 51,000 to 53,000.
Buy or sell stocks by Vaishali Parekh
1. Tata Motors Ltd. (TATAMOTORS): Buy at ₹786; Target at ₹810; Stop Loss at ₹775.
2. SEPC Ltd. (SEPC): Buy at ₹24; Target at ₹26; Stop Loss at ₹22.5.
3. Indraprastha Gas Ltd. (IGL): Buy at ₹327; Target at ₹340; Stop Loss at ₹320.
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 taking any investment decisions.
