Buy or sell stocks today: The Indian stock market rose on Tuesday, driven by banking stocks. The Nifty 50 index hit a new lifetime high for the 34th time in 2024, closing at 23,721. The BSE Sensex climbed 712 points to end at 78,053, while the Bank Nifty index soared 902 points to close at 52,606. Trading volumes on the NSE increased by about 3 percent to ₹1.25 lakh crore. Despite this, broader market indices were slightly negative, and the advance-decline ratio fell to 0.80:1.
Vaishali Parekh’s stock picks for today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Nifty 50 index’s breakout at 23,650 has improved market sentiment. She predicts the index might reach 24,500 by decisively surpassing the 23,800 mark. Parekh recommends buying Apollo Tyre, L&T Finance, and Arvind Fashions.
Stock Market Outlook
Nifty 50 Outlook: Vaishali Parekh says, “Nifty has shown strong positive movements, breaking past the resistance at 23,650. This breakout strengthens market sentiment, with a near-term target of 23,800 and a potential rise to 24,500.”
Bank Nifty Outlook: “The Bank Nifty performed exceptionally well, breaking above 52,000. This opens the way for targets of 53,500 and 55,100 in the coming days. ICICI Bank, Axis Bank, and HDFC Bank are strong performers expected to continue their positive trend.”
Parekh also noted that the Nifty has immediate support at 23,550 and resistance at 23,900. The Bank Nifty’s daily range is expected to be between 52,200 and 53,300.
Vaishali Parekh’s Stock Recommendations for Today:
- Apollo Tyre:
- Buy at ₹519.25
- Target: ₹540
- Stop Loss: ₹508
- L&T Finance:
- Buy at ₹185.50
- Target: ₹194
- Stop Loss: ₹182
- Arvind Fashions:
- Buy at ₹523.50
- Target: ₹545
- Stop Loss: ₹512
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