Buy or Sell Stocks for Today
After a sharp decline on Tuesday, the Indian stock market rebounded significantly on Wednesday. The Nifty 50 index surged 322 points to close at 24,315, while the BSE Sensex jumped 874 points to finish at 79,468. The Bank Nifty index also saw a substantial gain of 472 points, ending at 50,221. The broader market outperformed the major indices, with the small-cap index climbing 2.39% and the mid-cap index rising 2.63%.
Expert Opinion: Vaishali Parekh
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, noted an improvement in market sentiment as the Nifty 50 sustained above the crucial 50-EMA zone of 23,970. She highlighted that the Nifty now faces resistance at the 24,700 zone, which must be decisively breached for the upward trend to continue.
Stock Recommendations
For today, Vaishali Parekh recommends buying the following stocks:
1. GNFC
– Buy at ₹666.45
– Target: ₹695
– Stop Loss: ₹652
2. NBCC
– Buy at ₹171.30
– Target: ₹180
– Stop Loss: ₹167
3. Crompton Greaves
– Buy at ₹435
– Target: ₹460
– Stop Loss: ₹425
Market Outlook
On the outlook for the Nifty, Parekh stated, “The Nifty index has maintained support at the significant 50-EMA zone of 23,970, and after a decent pullback, it closed near 24,300. The next crucial resistance level is at 24,700, which needs to be breached decisively for the upward move to continue with conviction.”
Regarding the Bank Nifty, she mentioned, “The index held the 49,700 zone as support and ended above 50,100. It needs to sustain above 51,000 for the overall bias to improve. HDFC Bank has strong support near the ₹1590 to ₹1600 zone, which can help lift the index above 51,000.”
For today, immediate support for Nifty is at 24,200, with resistance at 24,500. The Bank Nifty has a daily range of 49,800 to 50,500.
Disclaimer
The views and recommendations expressed here are those of individual analysts, experts, and broking companies. Investors are advised to consult certified experts before making any investment decisions.