Purchase or sell stocks
The Indian stock market saw robust purchasing on Monday, following the comfort provided by the ceasefire in the tension between India and Pakistan and positive prospects in the US-China trade agreement. The Nifty 50 index closed at 24,924, having surged 916 points. At 82,429, the BSE Sensex ended 2,975 points higher. At 55,382, the Bank Nifty index closed 1,787 points higher. With IT, real estate, and metal emerging as the top performers, all sectors ended in the green. The mid-cap and small-cap indices outperformed the leading indices in the overall market, rising more than 4%.
Today’s stock market
Prabhudas Lilladher’s Vice President—Technical Research, Vaishali Parekh, thinks the mood of the Indian stock market is favorable. The critical barrier of 24,800 has been firmly overcome by the Nifty 50. The Nifty might soon reach 25,300 and 25,800, the Prabhudas Lilladher expert continued.
“The Nifty 50 index saw a big gap-up opening with Border Ceasefire news, which has indicated a robust move with the bulls gaining strength over the bears, closing above the previous peak of the 23,800 zone. With further targets of 25,300 and 25,800 levels expected, the bias and sentiment have turned overall positive as of now,” Vaishali Parekh said when discussing the outlook for the Nifty 50 today. The primary short-term support will be the crucial 200-DMA zone at the 24,050 level.
With goals of 56700 and 59020 levels available, the Bank Nifty index has signaled a strong move past the 55000 zone to improve the overall bias. A clear move past the 55900 levels will further solidify the trend and predict a further climb in the days ahead. According to Parekh, “the index would have the 54000 level as immediate support, and with frontline banking stocks starting to gain momentum, the overall sentiment looks positive.”
According to Parekh, the resistance for the Nifty today is at 25,200, while the support is at 24,700. The daily range of the Bank Nifty would be between 54,500 and 56,000.
The stocks that Vaishali Parekh recommends
Vaishali Parekh suggested the following three stocks for purchase or sale today: NCC, Petronet LNG, and Firstsource Solutions Ltd., often known as FSL.
1] FSL: Target ₹365, Stop Loss ₹330, Buy at ₹345;
2] Petronet LNG: Purchase at ₹315, Set a target of ₹330, and stop your loss at ₹309 using
3] NCC: Target ₹226; Stop Loss ₹216; Buy at ₹220.
