Buy or sell stocks: Following the de-escalation buzz in the US-Iran war, the Indian stock market witnessed strong buying throughout the Tuesday session. The Nifty 50 index finished 233 points higher at 24,261, the BSE Sensex surged 639 points and closed at 78,205, and the Bank Nifty index ended 931 points higher at 56,950. Among sectors, the auto index was the top gainer, rallying over 3%, whereas the IT index registered intraday profit booking at higher levels.
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Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladdher, believes the undertone of the Indian stock market is cautious. The Prabhudas Lilladher expert said the Nifty 50 index opened with a huge gap up near the 24,300 zone and thereafter had a range-bound session, ending in the green near the 24,250 zone, signaling a relief rally.
Parekh added that the 50-stock index would need to stabilize and close above the 24,400 -24,500 band to establish some clarity and conviction, and thereafter, can expect a further upward move in the coming days.
“The low made near the 23,700 zone would be the important support level to be watched for and would need to improve the bias in the coming sessions with volatility anticipated,” Parekh added.
On the outlook of the Bank Nifty index, Vaishali Parekh of Prabhudas Lilladher said the Bank Nifty index witnessed an almost 1,000-point recovery to end near the 57,000 zone inside the ascending channel pattern on the daily chart and would need to move past the near-term resistance of the 57,800 level to fill up the recent gap and establish some conviction.
“The index would have the near-term support at the 55,200 level, which needs to be sustained, and with the overall scenario still maintained with a cautious approach, one needs to wait and watch for further developments,” said Parekh.
Vaishali Parekh’s stock recommendations for today
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks for intraday trading: Piramal Pharma, Bharat Dynamics Ltd, and Oberoi Realty.
1]Piramal Pharma: Buy at ₹154 ₹160, Stop Loss ₹151;
2]Bharat Dynamics Ltd or BDL: Buy at ₹1380 ₹1450 ₹1350; and
3]Oberoi Realty: Buy at ₹1504 ₹1550 ₹1480.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
