Buy or sell stocks for today: After showing a sideways movement (a term used to describe a market that is neither trending up nor down) with a weak bias (a slight inclination towards a particular direction) on Monday, the Indian stock market slipped into the weakness zone (a period of declining prices) with range-bound action (a situation where the price of a security trades in a narrow band) and ended lower on Tuesday.
The Nifty 50 index dipped 140 points and closed at the 22,302 mark, the BSE Sensex corrected 383 points and closed at the 73,511 level, while the Bank Nifty index lost 609 points and finished at the 48,285 mark. Declining shares outnumbered the advancing shares as the advance-decline ratio stood at 0.40 on BSE, the lowest since 15th April 2024. All the sectoral Indices are closed in red (a term used to indicate a negative performance) except Nifty FMCG and Nifty IT. Nifty Reality, Metal, and PSU Banks fell the most among them.
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Vaishali Parekh’s stock recommendations
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that the Indian stock market bias has weakened as the Nifty 50 index tumbled below 50-DMA levels on Tuesday. The Prabhudas Lilladher expert maintained that a decisive breach below the 22,300 mark would mean another 200 to 300 points correction in the 50-stock index from current levels. Regarding stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today: Happiest Minds, Wipro, and ITC.
Stock market today
On the outlook for the Nifty 50 today, Vaishali Parekh provides a clear analysis. She said, “Nifty for the 3rd consecutive day tumbled down to move well near the 50-DMA level of 22300, forming a bearish candle pattern in the daily chart to weaken the bias and sentiment further. The Nifty 50 index now has major support near the significant 50-DMA level of around 22,300 zones for the coming days, and with a decisive close below 22,300 level, the Nifty can slide further till 22100–22000 levels.” This information can help you make informed decisions in the market.
“The Bank Nifty also failed to move past the important level of 49000, which has been acting as a tough resistance for the last two sessions and has witnessed profit booking, further slipping the Bank Nifty down to close below the 20 DMA level of 48400 zone. The overall bias is still being maintained cautiously as the INDIA VIX is trading near a 52-week high level of 17,” said Parekh.
Parekh added that immediate support for the Sensex/Nifty today is placed at 73000/22100, while the resistance is at 74000/22500. BankNifty would have a daily range of 47500–49000 levels.
Vaishali Parekh’s stocks to buy today
1] Happiest Minds: Buy at ₹822, target ₹890, stop loss ₹790;
2] Wipro: Buy at ₹464, target ₹500, stop loss ₹450; and
3] ITC: Buy at ₹440, target ₹480, stop loss ₹425.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, and not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
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Published: 08 May 2024, 06:54 AM IST
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