Buy or sell stocks: Following weak global market sentiments on the Israel-Iran war, the Indian stock market witnessed sharp selling pressure for the second straight session on Monday. The Nifty 50 index crashed 246 points or 1.10 percent and closed at the 22,272 level, the BSE Sensex tanked 845 points or 1.14 percent and finished at 73,399 mark whereas the Bank Nifty index nosedived 791 points or 1.63 percent and ended at 47,773 level. The Nifty Mid-cap 100 and the Small-cap 100 indices fell sharply along with the benchmark Indices where they plunged by 1.55 percent and 1.70 percent respectively. Declining shares outnumbered the advancing shares as advance-decline ratio stood at 0.31 on BSE, lowest since 13th March 2024.
Vaishali Parekh stock recommendations
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Indian stock market mood has turned weak after the Nifty 50 index breakdown below the crucial support of 22,500 on a closing basis. The Prabhudas Lilladher expert went on to add that the selling pressure in the Indian stock market and other global bourses is mainly due to the rising geo-political tension in the Middle East.
On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today — ONGC, Chennai Petroleum Corporation Ltd, and Intellect.
Stock market today
On the outlook for the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index, after resisting near the 22,750 zone, for the second consecutive session plunged below the important zone of 22,500 levels weakening the bias further and is precariously placed with rising geo-political tensions in the middle east, having 22,000 level as the crucial and important support zone as of now.”
“The Bank Nifty also tanked with a huge gap down opening to end near the low of the day with bias turning weak and sentiment maintained with a cautious approach,” Parekh said.
Parekh went on to add that Nifty today has immediate support placed at 22,100 levels while the resistance is seen near 22,400 zone. The Bank Nifty would have the daily range of 47,200 to 48,300 levels.
Vaishali Parekh stocks to buy today
1] ONGC: Buy at ₹280, target ₹292, stop loss ₹274;
2] Chennai Petroleum: Buy at ₹926.50, target ₹964, stop loss ₹906; and
3] Intellect: Buy at ₹1022.50, target ₹1067, stop loss ₹1000.
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: 16 Apr 2024, 06:51 AM IST