Buy or sell stocks: The Indian stock market indices ended flat on the final day of the calendar year 2024, as both benchmark indices closed in the red amid weak global cues. The Nifty 50 index closed flat at 23,644.80 points, compared to 23,644.90 points in the previous market session.
The BSE Sensex closed 0.14 per cent lower at 78,139.01 points after Tuesday's market session, compared to 78,248.13 points at the previous market close.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said the Nifty dipped in the early market session but later witnessed gradual recovery to end at a flat note on the final trading session of the year. The index has immediate strong support at the 23,500 level, which needs to be sustained to prevent a further dip amid selling pressure. Parekh estimates the Nifty 50 Spot index to find support at 23,500 points and face resistance at 23,850 points. The Bank Nifty index will likely move in the 50,500 to 51,400 range.
Parekh recommended three buy-or-sell stocks for Wednesday: Housing & Urban Development Corporation Ltd, Bharat Electronics Ltd, and Hindustan Aeronautics Ltd.
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty witnessed a dip below the important 23,500 zone in the morning session but witnessed a gradual recovery to end on a flat note near 23,650 zone, with bias and sentiment precariously placed.”
“The index has immediate strong support near 23,500 levels, which needs to be sustained. Else fresh selling pressure could be triggered, with the next major support positioned near 23,200 levels. The 23,850 zone remains the strong resistance barrier, which needs to be breached decisively for a fresh upside move,” the stock market expert. said.
“Bank Nifty witnessed a sluggish session near the 50,800 zone. The important 200-period MA at 50,600 levels would be the crucial support as of now, and this needs to be sustained for maintaining the bias intact. The next major support for the index lies near 49,800 levels, the previous bottom made in the last month. On the upside, the 50EMA zone of 51,950 levels would act as the barrier, which needs to be breached decisively to establish conviction and to expect a fresh rise thereafter,” Parekh said.
Parekh said that the Nifty 50 Spot for today has support at 23,500 points and resistance at 23,850 points. The Bank Nifty index would have a daily range of 50,500 to 51,400.
1. Housing & Urban Development Corporation Ltd. (HUDCO): Buy at ₹234.70; Target at ₹244; Stop Loss at ₹228.
2. Bharat Electronics Ltd. (BEL): Buy at ₹293; Target at ₹305; Stop Loss at ₹287.
3. Hindustan Aeronautics Ltd. (HAL): Buy at ₹4,178; Target at ₹4,320; Stop Loss at ₹4,100.
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 making any investment decisions.
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