Aniket PujariBuy or sell stocks: The Indian stock markets extended their gains for the second successive trading session on Tuesday, March 18, amid positive global cues. The benchmark Nifty 50 index closed 1.45 per cent higher at 22,834.30 points, compared to 22,508.75 points in the previous stock market session.
The BSE Sensex index closed 1.53 per cent higher at 75,301.26 points, compared to 74,169.95 points in the previous trading session.
Vaishali Parekh’s stock recommendations today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said the Nifty 50 index had indicated a strong bullish candle on the daily chart, breaching above the 22,650 hurdle. A scope for further upward movement is expected for the index. Parekh estimates the Nifty 50 Spot index to find support at 22,700 points and face resistance at 23,000 points. The Bank Nifty index will likely move in the 48,900 to 50,000 range.
Vaishali Parekh recommended three buy-or-sell stocks for Wednesday: Hero MotoCorp, Titagarh Rail Systems, and Hindustan Copper.
Stock Market Today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty, after a long wait, has indicated a strong bullish candle formation on the daily chart decisively breaching above the 22,650 hurdle with active participation witnessed from the broader markets as well, to strengthen the bias and with the sentiment easing out there is scope for further upward movement.”
“The 23,000 zone would be the crucial and important resistance zone which if decisively breached shall trigger for fresh upward move with targets of 23,800 and 24,200 levels possible in the coming days,” said the stock market expert.
“Bank Nifty, has indicated a strong gain moving past the 49,000 zone convincingly and also the important 50EMA zone at 49,200 has been breached to strengthen the bias and we can expect for further more positive move in the coming sessions. As mentioned earlier, the frontline banking stocks like ICICI Bank, HDFC Bank, Axis Bank and Kotak Bank has been well positioned technically indicating strength, which can help the index to carry on with their positive move further ahead,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 22,700 points and resistance at 23,000 points. The Bank Nifty index would have a daily range of 48,900 to 50,000.
Buy or sell stocks by Vaishali Parekh
1. Hero MotoCorp Ltd. (HEROMOTOCO): Buy at ₹3,565; Target at ₹3,650; Stop Loss at ₹3,500.
2. Titagarh Rail Systems Ltd. (TITAGARH): Buy at ₹710; Target at ₹730; Stop Loss at ₹700.
3. Hindustan Copper Ltd. (HINDCOPPER): Buy at ₹222; Target at ₹235; Stop Loss at ₹210.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
