Buy or sell: Vaishali Parekh recommends three stocks to buy today — August 29

Stock market today: The Nifty 50 index has a support at 24,900 mark, and the 50-stock index faces a resistance at 25,200 points, estimates Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)
Stock market today: The Nifty 50 index has a support at 24,900 mark, and the 50-stock index faces a resistance at 25,200 points, estimates Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)

Summary

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — Engineers India, IndusInd Bank, and Wipro

Buy or sell stocks today: The Indian stock market indices, Sensex and Nifty 50, hit fresh record highs on Wednesday, August 28. The trading session marked the 10th successive day of Nifty closing in gains. After Wednesday's trading session, Nifty 50 closed 0.14 per cent at 25,052.35 points, compared to 25,017.75 points in the previous market close.

The Bombay Stock Exchange (BSE) Sensex closed 0.09 per cent higher at 81,785.56 points, compared to 81,711.76 points in the previous market close.

Vaishali Parekh's stocks to buy today

Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, says the Nifty has sustained above the 25,000 zone with the positive bias making the new highs near 25,130 levels. With profit bookings closed near the 25,000 zone once again, the index looks poised for further rise to the next target of 25,600 levels.

Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: Engineers India Ltd., IndusInd Bank Ltd., and Wipro Ltd.

Stock market today

For the outlook on the Nifty 50 and the Bank Nifty index, Vaishali Parekh said, “Nifty has sustained above the 25,000 zone with bias maintained positive making new highs near 25,130 level but with profit booking witnessed closed near the 25,000 zone once again."

“The index looks well poised for further rise for next target of 25,600 levels as mentioned earlier, provided the zone near 24,900 level is sustained as of now," said the stock market expert.

“Bank Nifty finding resistance near 51,400 levels during the session, overall is witnessing a sluggish move as compared to Nifty index and with 50,800 zone of the significant 50EMA levels maintained as the crucial support and upside has initial targets of 52,500 and 53,400 levels in the coming days," said Parekh.

Parekh said that the Nifty 50 for today has support at 24,900, while the resistance lies at 25,200. The Bank Nifty index would have a daily range of 50,800 to 51,700.

Buy or sell stocks by Vaishali Parekh

1. Engineers India Ltd. (ENGINERSIN): Buy at 220; Target at 240; Stop Loss at 213.

2. IndusInd Bank Ltd. (INDUSINDBK): Buy at 1,415; Target at 1,450; Stop Loss at 1,390.

3. Wipro Ltd. (WIPRO): Buy at 534.6; Target at 560; Stop Loss at 522.

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.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
more

topics

MINT SPECIALS