Buy or sell stocks today: Following a rally in the banking stocks, the Indian stock market ended higher on Tuesday. Before ending at the 23,721 mark, the Nifty 50 index touched a new lifetime high for the 34th time in 2024. The BSE Sensex shot up 712 points and ended at 78,053, whereas the Bank Nifty index skyrocketed 902 points and closed at 52,606. Cash market volumes on the NSE rose about 3 percent to ₹1.25 lakh crore. Broad market indices ended marginally in the negative even as the advance-decline ratio fell to 0.80:1.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that the Nifty 50 index has given a breakout at 23,650, which has further improved the Indian stock market bias. The Prabhudas Lilladher expert said that by decisively breaching the 23,800 mark, the 50-stock Index might reach the next target of 24,500. On stocks to buy today, Vaishali Parekh recommended buying three buy-or-sell stocks: Apollo Tyre, L&T Finance, and Arvind Fashions.
Stock market today
On the outlook for Nifty today, Vaishali Parekh said, “Nifty has indicated a series of strong positive candles formation on the daily chart to breach above the resistance zone of 23,650 levels. With a breakout confirmed, it has strengthened the bias and sentiment to anticipate a further rise in the coming sessions. With the RSI on the rise and improving, the Index has a near-term target of 23,800 levels and, thereafter, can scale the 24,500 zones with sustaining strength.”
Speaking on the outlook for Bank Nifty today, Parekh said, “The Bank Nifty witnessed a stellar performance with frontline private banks gaining strength to indicate a breakout above the 52,000 zone and has opened the gates for further higher targets of 53500 and 55,100 levels in the coming days. One can watch for ICICI Bank, Axis Bank and HDFC Bank, which have indicated prominent strength to continue the positive move further ahead.”
Parekh went on to add that the Nifty today has immediate support at 23,550 levels, while the resistance is at 23,900 levels. The Bank Nifty will have a daily range of 52,200 to 53,300 levels.
Vaishali Parekh’s stock recommendations today
1] Apollo Tyre: Buy at ₹519.25, target ₹540, stop loss ₹508;
2] L&T Finance: Buy at ₹185.50, target ₹194, stop loss ₹182; and
3] Arvind Fashions: Buy at ₹523.50, target ₹545, stop loss ₹512.
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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