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Buy or sell stocks for today: Despite weak global market sentiments on the hawkish US Fed meeting outcome, the Indian stock market ended higher for the third straight session.
The Nifty 50 index finished 75 points higher at 23,398, and the BSE Sensex scaled 204 points north and ended at 76,810.
However, the Bank Nifty index went off 48 points and closed at 49,846.
Cash market volumes on the NSE rose about 7% to ₹1.29 lakh crore.
The broad market indices rose more than the Nifty even as the advance-decline ratio fell to 1.52:1.
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes that the Nifty 50 index faces resistance from 23,400 to 23,450.
The Prabhhudas Lilladher expert said that a decisive close by Nifty above 23,450 can be assumed as a fresh rally in the Indian stock market.
She noted that Nifty today has immediate support at 23,200.
Regarding stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three buy or sell stocks for today: Max Financial Services Limited, Hindustan Oil Exploration Company Ltd, and Godrej Properties.
On the outlook for the Nifty 50 index, Vaishali Parekh said, "Nifty has witnessed a sluggish and gradual rise during the last four sessions, finding resistance near the 23,400 to 23,450 zone with some profit booking witnessed in the second half of the trading session.
The index has got the near-term support zone near the 23,200 zone, and a decisive close above 23,400 shall trigger a further rise to the next target of 23,800."
She suggested that the Nifty today has immediate support at 23200, while the resistance is at 23,550.
Parekh's recommended stocks to buy today are MFSL (Max Financial Services Limited) at ₹988 with a target of ₹1025 and a stop loss of ₹968, Hindustan Oil Exploration at ₹188.20 with a target of ₹197 and a stop loss of ₹184, and Godrej Properties at ₹3030 with a target of ₹3150 and a stop loss of ₹2965.
The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
Source: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 14