Buy or sell: Vaishali Parekh recommends three stocks to buy today - May 24
- Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — Axis Bank Ltd, Birlasoft Ltd, and IndusInd Bank Ltd.
Buy or sell stocks for today: With advances in financial stocks, the domestic benchmark indices, the Nifty 50 and the Sensex, reached new closing highs on Thursday. The central bank's record dividend to the government also raised prospects of a drop in the country's fiscal deficit.
After recording its largest daily gain since January 29, the 30-share BSE Sensex finished at an all-time high of 75,418.04, up 1,196.98 points, or 1.61%, from the previous close, regaining the 75,000 mark. It surged 1,278.85 points, or 1.72%, during the day to hit its highest intraday value of 75,499.91.
On Thursday, investors' wealth increased by ₹4.28 lakh crore as a result of the continuing upward trend in stocks, which saw the benchmark Sensex reach a lifetime high.
During the day, the NSE Nifty edged closer to the milestone 23,000 level. At 22,967.65, the 50-issue index rose by 369.85 points, or 1.64%. It gained 395.8 points, or 1.75%, during the day to reach an intra-day record peak of 22,993.60.
Markets concluded at a new all-time high amid short covering, boosting investor optimism toward the election result and robust macroeconomic underlined by the RBI's record dividend distribution, according to Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd. The RBI reported increased rural consumption for the first time in two years, which led to a boost in auto, NBFC, and FMCG companies. India is the fifth country to achieve this milestone, with the market capitalisation of BSE-listed firms surpassing $5 trillion.
Nifty 50 outlook by Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
According to Parekh, Nifty 50 has indicated a clear breakout above the previous peak zone of 22,800 levels and raced almost to touch the psychological 23,000 landmark to create history once again, with most of the frontline stocks gaining momentum to help the index take charge. The bias is maintained very strongly and can carry on with the positive move till the month end, expecting next targets of 23,200 and 23,700 levels in the coming days, with major support maintained near the 22,550 zone as of now.
Also Read: Dividend stocks: Vedanta, Tata Consumer Products, QGO Finance shares to trade ex-dividend on May 24
Bank Nifty Outlook
Bank Nifty is maintaining the support zone of 47,400 levels, has gained strength, and has breached above the crucial zone of 48,300 levels to establish conviction, improving the bias, and can expect a further rise to 49,600 and 50,400 levels in the coming days. The support for the day is seen at 22,800 levels, while the resistance is seen at 23,200 levels. Bank Nifty would have a daily range of 48,400–49,300 levels.
Vaishali Parekh's stocks to buy today
Vaishali Parekh recommended three stocks for today — Axis Bank Ltd, Birlasoft Ltd, and IndusInd Bank Ltd.
Buy Axis Bank Ltd at ₹1,165 with a stoploss of ₹1,143 and a target of ₹1,200.
Buy Birlasoft Ltd at ₹616 with a stoploss of ₹602 and a target of ₹644.
Buy IndusInd Bank Ltd at ₹1,440.85 with a stoploss of ₹1,412 and a target of ₹1,500.
Nifty Spot Index
Support – 22,800
Resistance - 23,200
Bank Nifty Spot Index
Support – 48,400
Resistance – 49,300
Also Read: Stock market today: Bandhan Bank, IEX, PNB and ZEEL among 11 stocks under F&O ban list on May 24
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.
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