The BSE Sensex index closed 0.55% higher at 81,337.95 points, compared to 80,891.02 points at the previous stock market session.
Vaishali Parekh's stock recommendations today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said the Nifty 50 index witnessed a strong recovery from the 24,600-point zone with steady gains and ended on a quite optimistic note. The index is expected to rise further in the upcoming stock market sessions.
Vaishali Parekh recommended three buy-or-sell stocks for Wednesday: HFCL, Rashtriya Chemicals and Fertilizers (RCF), and Navkar Corporation.
Stock Market Today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, "Nifty witnessed a strong recovery from the 24,600 zone during the intraday session with a steady gain as the day progressed and ended on a quite optimistic note above 24,800 level to expect for further rise in the coming sessions."
"A decisive close above the 25,000 zone would be important for the index which can boost the sentiment and anticipate for next target of 25,300 level with currently having 24,500 level as the major and crucial support which needs to be sustained, as mentioned earlier," said the stock market expert.
"Bank Nifty, sustained the 55,900 zone and indicated a small pullback to end above the 56,000 level with bias still maintained intact and once again would need a decent revival to break past the important hurdle at 57,400 zone to trigger for fresh upward move in the coming days. The index would need to sustain the crucial support zone near the 50EMA level at 56,000 zone with the frontline banking stocks like HDFC Bank and ICICI Bank standing firm and their progress shall decide the further directional move of the index in the coming days," said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 24,700 points and resistance at 25,000 points. The Bank Nifty index would have a daily range of 55,700 to 56,800.
Buy or sell stocks by Vaishali Parekh
1. HFCL Ltd (HFCL): Buy at ₹78; Target Price at ₹82; Stop Loss at ₹76.
2. Rashtriya Chemicals and Fertilizers Ltd (RCF): Buy at ₹152; Target Price at ₹160; Stop Loss at ₹148.
3. Navkar Corporation Ltd (NAVKARCORP): Buy at ₹130; Target Price at ₹155; Stop Loss at ₹126.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies,m. We advise investors to check with certified experts before making any investment decisions.
source: mint
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