Purchase or sell: Siemens,Kotak Mahindra Bank,and CONCOR are the three equities that Vaishali Parekh suggests purchasing today.
Buy or sell stocks:
The Indian stock market’s tumultuous trend persisted as the Nifty 50 and BSE Sensex,two leading indices,recovered well after correcting by around 0.50 percent from their respective Friday closings. Strong purchases in IT, real estate, and metals equities throughout the second half of Monday’s trading session may make this feasible.
The BSE Sensex dropped 112 points to conclude at 73,085, the Nifty 50 index ended slightly lower at 22,119, and the Nifty Bank index ended 230 points lower at 48,114. The NSE’s cash market volumes were 2% below the average for February. Alongside the Nifty, the Mid-cap and Smallcap indices experienced a significant recovery from intraday lows.
While the Nifty Smallcap 100 Index recovered 2.5% from its low to conclude with only minor losses of 0.27%, the Nifty Midcap 100 Index rebounded more than 2% from its intraday low to finish with gains of 0.14%. With the advance-decline ratio on the BSE at 0.44, declining equities outnumbered advancing ones for the sixth day in a row. Nifty Media, Oil/Gas, and Bank saw the sharpest drops, while Nifty Realty, Metal, Consumer Durables, and IT were the sectors that saw the biggest gains.
Today’s stock market :
As the Nifty 50 index has failed to reclaim its critical support at 22,300,Vaishali Parekh,Vice President of Technical Research at Prabhudas Lilladher,thinks that the tone of the Indian stock market is generally pessimistic.The frontline index experienced a significant correction during morning trading, approaching 22,000,according to the Prabhudas Lilladher analyst.It did, however, draw value purchasing at about 22,000 and had a significant second-half bounce.
The major benchmark index, however,ultimately closed below the 22,200 level, which is hardly encouraging for bulls. According to her, if the Nifty breaks below the 21,800 line, it might attempt to test the immediate support at 21,800 and then try to approach 21,300.
“The Nifty 50 index dragged further in the morning session to touch the 22000 zone where it showed some resilience and afterwards witnessed a pullback ended the session on a flat note with some of the select stocks indicating some revival,” Vaishali Parekh said when discussing the outlook for the Nifty 50 today.
With objectives of 21800 and 21300 levels anticipated in the upcoming days, the index is in a perilous position with bias, and mood is deteriorating. To recover some of the vigor that has been lost and anticipate more growth and stability, a clear move above the 22500 zone is required.
“With the weak bias still in place, the Bank Nifty has once again challenged the previous low of the 47850 zone. If there is a clear breach below, this will lead to new, increased selling pressure in the days ahead.”On the upside, HDFC Bank and ICICI Bank are still maintaining the bias, and only a substantial move past the crucial 50EMA level of the 49650 zone will improve the bias and expect further upward move,”Parekh stated.
According to Parekh,the Nifty’s resistance is 22,300, while its support is 22,000 today.The daily range of the Bank Nifty would be between 47,700 and 48,600.
The stock recommendations of Vaishali Parekh :
Vaishali Parekh suggested Siemens, Kotak Mahindra Bank,and Container Corporation of India (CONCOR) as the three companies to buy or sell today.
1] Siemens: Purchase at ₹4830, aim for ₹5000, and exit at ₹4700;
2] Kotak Mahindra Bank: Purchase at 1914, aim for 1940, and exit at 1885; and
3] CONCOR: Purchase at ₹632, aim for ₹660, and exit at ₹605.
Disclaimer:
This analysis does not represent the opinions of Mint; rather, it represents the opinions of individual analysts or broking firms. Since market conditions can fluctuate quickly and individual circumstances can differ, we highly advise investors to seek advice from recognized specialists before making any investment decisions.