Buy or sell stocks for today: On account of strong global market sentiments, the Indian stock market ended higher for a third straight session on Thursday. The Nifty 50 index finished 70 points higher at the 21,910 level, the BSE Sensex surged 227 points and closed at the 72,050 mark while the Bank Nifty index shot up 310 points and ended at the 46,218 level. In the broad market, both small-cap and mid-cap indices outperformed the Nifty 50 index for the second day in a row.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Indian stock market sentiment has further improved as the Nifty 50 index sustained above the 21,800 level for the entire Thursday session. The Prabhudas Lilladher expert maintained that the 50-stock index may re-test the 22,150 zone in the near term. Parekh went on to add that the Bank Nifty index sustained above the 46,000 zone for the entire session, which signals a further uptrend. Vaishali anticipated that the Bank Nifty index may touch the 46,800 level in the short term.
On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — HFCL, Godrej Consumer Products, and ONGC.
On the outlook for the Nifty 50 index, Vaishali Parekh said, "Nifty maintained above the 21,800 zone for the entire trading session with bias remaining positive with the broader markets also showing active participation to improve the sentiment overall. The index needs to sustain above the 21,800 level as of now and expect to retest the previous peak level of 22,150 zones in the coming days."
On the outlook for the Bank Nifty today, Vaishali Parekh said, "Bank Nifty maintaining above the 46000 zone for most of the session improved the bias with a decent close above the significant 50EMA level of 46070 zone after a month. With the indicators showing signs of improvement, it is expected to achieve the next targets of 46800 and thereafter 48000 levels in the coming days."
Parekh went on to add that the immediate support for Nifty today is placed at 21,800 while the resistance is seen at 22,100. Bank Nifty would have a daily range of 45,800 to 46,800 levels.
1] HFCL: Buy at ₹101.70, target ₹106, stop loss ₹99;
2] Godrej Consumer Products: Buy at ₹1231.80, target ₹1280, stop loss ₹1205; and
3] ONGC: Buy at ₹277.30, target ₹290, stop loss ₹271.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
