Looking to buy or sell stocks today? Here are some tips from Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher.
On Friday, August 30, the Nifty 50 index hit a new record high, closing 0.33% higher at 25,235.90 points. The BSE Sensex also ended the day up 0.28%, finishing at 82,365.77 points.
Vaishali Parekh noted that the Nifty index has been on a winning streak, climbing for 12 straight sessions and breaking its previous peak of 25,078 points. She believes the Nifty could rise even further, with support around 25,100 points and resistance at 25,400 points. The Bank Nifty index, which has been slower to move, has a daily range of 51,000 to 51,800 points.
For today’s trading, Vaishali Parekh recommends buying these three stocks:
- GAIL (Gas Authority of India Ltd.): Buy at ₹236; Target ₹245; Stop Loss ₹230.
- HFCL Ltd.: Buy at ₹148; Target ₹158; Stop Loss ₹144.
- NHPC Ltd.: Buy at ₹97; Target ₹105; Stop Loss ₹93.
Parekh predicts that the Nifty 50 could reach 25,600 points in the coming days, with 24,900 points as key support. She also mentioned that if the Bank Nifty can break above 51,800 points, it could aim for 53,500 or even 55,000 points.
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