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Buy or sell stocks for today: After showing sharp weakness in the last couple of sessions, the Indian stock market slipped into follow-through weakness amidst a range movement and ended lower for the third straight session on Tuesday. The Nifty 50 index lost 124 points and closed at the 22,147 level, the BSE Sensex corrected 456 points and closed at the 72,943 mark whereas the Bank Nifty index went down 288 points and finished at 47,484 level. However, the broad market witnessed some buying interest in the previous session. The small-cap index ended 0.57 percent higher while the mid-cap index finished marginally higher on Tuesday.
Vaishali Parekh’s stock recommendations
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Indian stock market bias has turned weak after the Nifty 50 index came close to its 50-DEMA. The Prabhudas Lilladher expert went on to add that Dalal Street may remain volatile amid geopolitical tension and the Q4 results 2024 season.
On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today — Hindustan Unilever Ltd or HUL, Divi’s Laboratories, and Colgate Palmolive (COLPAL).
Stock market today
On the outlook for the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index witnessed a gap down opening for the 3rd consecutive sessions to turn the bias weak, arriving near the significant 50EMA level of 22,115 zone and has 22,000 levels as the major support as of now. With the geo-political tensions on the rise and with the result season going on, we anticipate volatility and fluctuations during the session.”
“The Bank Nifty index also has retraced 50% of the recent rally peaking out near the 49,050 zone and currently has arrived near the important 50EMA level of 47,170 zone with bias remaining cautious and major support zone maintained near 46,700 levels of the important 100 period MA as of now,” said Parekh.
Parekh went on to add that Nifty today has immediate support placed at 22,000 levels while the resistance is seen at 22,300 levels. The Bank Nifty would have a daily range of 47,100 to 47,800 levels.
Vaishali Parekh’s stocks to buy today
1] Hindustan Unilever Ltd or HUL: Buy at ₹2220.80, target ₹2290, stop loss ₹2180;
2] Divi’s Laboratories: Buy at ₹3764, target ₹3900, stop loss ₹3690; and
3] COLPAL: Buy at ₹2701, target ₹2820, stop loss ₹2645.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 18 Apr 2024, 06:47 AM IST
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